Happy Corner: Kiwi (NZD) pairs

[happypip]

Don’t you just love it when NZD/USD pops up a possible head and shoulders pattern? The pair just tested the .8075 area, which is not only a former resistance area, but is also the neckline for our h&s pattern. Will the pair break below the support, or will it test the previous highs near the .8200 handle?

[topdogmutly]

Maybe the US Retail Sales in about an hour will point its direction. Will wait and see.

[peterbaik]

I've got 1% of my account saying it's going to re-test the 0.8200 handle. Disappointing news from the US would definitely help.

[d-pip]

Don’t you just love it when NZD/USD pops up a possible head and shoulders pattern? The pair just tested the .8075 area, which is not only a former resistance area, but is also the neckline for our h&s pattern. Will the pair break below the support, or will it test the previous highs near the .8200 handle?

NZD/USD broke the neckline during today’s NY session, so I would be (cautiously ) favoring shorts, selling rallies, until the price proves other wise. AUD/USD also seems to have a similar H&S set-up on the 240-minute chart and is also on my cautiously short list.

[bobmaninc]

NZD/USD broke the neckline during today’s NY session, so I would be (cautiously ) favoring shorts, selling rallies, until the price proves other wise. AUD/USD also seems to have a similar H&S set-up on the 240-minute chart and is also on my cautiously short list.

I have been short the Aussie since sunday night. So I hope your right. This has been one seriously overextended move north on both these pairs lately. A good retrace is very likely to say the least

[happypip]

Maybe the US Retail Sales in about an hour will point its direction. Will wait and see.

Ha! You were right about that! That was a solid breakdown right there. Were you able to jump in or are you gonna wait for a retracement?

[happypip]

I have been short the Aussie since sunday night. So I hope your right. This has been one seriously overextended move north on both these pairs lately. A good retrace is very likely to say the least

Yep yep! I'm definitely waiting for a retracement myself so I can get in a short at a good price. Your Aussie trade's lookin' great, mate!

[topdogmutly]

Ha! You were right about that! That was a solid breakdown right there. Were you able to jump in or are you gonna wait for a retracement?

I was watching it, but i wanted to wait until close of candle to be sure. By then the move seemed too far gone to jump in at market. So yes i am waiting for a retest of the broken support (now hopefully resistance) to go short.

[topdogmutly]

On the daily chart, i'm a bit concerned that stochastic being oversold combined with resistance areas, will push the pair long.



The pictures dont seem to upload with the same quality

[happypip]

Yeah, I'm thinking the next support is still at the .8000 area, based on the daily at least. But I could be wrong...