Pin Bar on NZD/USD

Outside Bar on USD/CAD

The current technical pattern signals a further correction of the NZD/USD currency pair after the prolonged rally. Near the “mirror” resistance level of 0.68000, a classic pattern of the Price Action, Pin Bar, (H1 timeframe), which acts as a reversal formation, has been formed. The NZD/USD quotes are testing local support of 0.67750. We recommend paying attention to this situation.

In case of breakdown and retest of the 0.67750 mark, it is necessary to consider sales of NZD/USD. The immediate goal for profit taking is the support level of 0.67500. The movement is tending to 0.67300-0.67100. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.11.27

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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