NZD/USD Bullish Head and Shoulders Should Provide a Breakout to the North

Dear Traders,

The NZD/USD is showing a bullish pattern as we might see a spike to the upside at the close above the trend line.

4h close above 1.6320 with a bullish candlestick will provide a possible move to the upside. We can clearly see a bullish SHS pattern AKA Inverted Head ad Shoulders. A strong 4h close above should target 0.6348, 0.6374 and 0.6385. Only a break below 0.6238 will negate this bullish scenario. However, pay attention to any bullish impulse that should form the bullish candlestick above 0.6320 as the beginning of intraday uptrend that should last during the US and Tokyo session.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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