NZDUSD Daily Reversal Pattern

2019-11-01 22:58:17

A set up for next week. NZDUSD on the daily hit a support zone at the 0.6250 zone. This can be seen zooming out on the daily chart.

We have been in a downtrend with lower highs and lower lows, however once we hit the support zone, this trend began to exhaust.

Currently we are in the process of making a confirmed higher low (higher high is needed). As you can see we have even developed the quintessential reversal pattern the head and shoulders which shows us the transition from lower highs to higher lows ( a downtrend into an uptrend).

Would like to see the break and close above the neckline here at 0.6450 zone. This is a set up that we can assess next week.

Target would be the flip zone at 0.6600.