Potential sell set-up on NZD/USD.
Price has recently tested resistance of descending TL and has created a double top formation in doing so. Break of the neckline of this pattern could lead to significant decline of price towards 0.60 but this will take time to play out.
Price has also reacted to Fibonacci resistance levels suggesting forthcoming bearish sentiment.
Initial targets would include inner and outer ascending trend line support zones.
Price has recently tested resistance of descending TL and has created a double top formation in doing so. Break of the neckline of this pattern could lead to significant decline of price towards 0.60 but this will take time to play out.
Price has also reacted to Fibonacci resistance levels suggesting forthcoming bearish sentiment.
Initial targets would include inner and outer ascending trend line support zones.