NZD/USD is Bearish as Long as Two POC Zones Hold The Resistance

Dear Traders,

The NZD/USD is still in downtrend. We can see a bullish SHS pattern that has lead to a retracement.

0.6835-45 is the first POC zone. A rejection from the zone is possible if the price makes a reversal pattern followed by a bearish momentum. Targets are 0.6805 and 0.6791. However, a bounce above 0.6845 might lead to a deeper retracement to 0.6860-70 where the price should drop as the historical sellers are waiting. We can also see the D H5 and ATR projection high within the zone. Targets remain the same. The pair is bullish only above 0.6900 and the trend will change then.

The analysis has been done with the CAMMACD.MTF template.
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Analysis also appears on www.forex-investor.cz

Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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