NZDUSD - Potential right shoulder for H&S pattern

PAIR IN FOCUS: NZDUSD
ACTION: SHORT
HORIZON: SHORT-TERM

Price has retraced from the recent swing high, and retesting support/resistance level. A bearish engulfing candle on the H1 chart offers a short signal for this pair. Stop loss will be above the recent swing high. If price melts, it could complete the right shoulder for the head and shoulders reversal pattern, and continue its downward trajectory.

TP levels and Stop loss have been indicated on the chart. Remember to manage your risk!

Feel free to comment and discuss, Cheers!

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