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FOREX Technical Analysis: NZDUSD Price Formation Head & Shoulders H4

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Technical Analysis NZDUSD

Time Frame - H4

The price has formed trend reversal formation Head & Shoulders arround Fibonacci resistance from the beginning of the short trend from 27.7.2017

The price is above 200MA and 100 MA

Demark (14)  in over sold zone

Here the opportunity for trade is to trade the formation when the price is already break out the neckline of the formation and it`s already retest it at 0.72830 . Proper stop loss here is 0.73193

Alternative Scenario:

If the price pass above the neckline the formation will be invalid and we can see trend reversal move and new uptrend within NZDUSD

Trader Velizar Mitov

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