Forex: NZD/USD forming head and shoulders pattern

on Nov 11, 2013
Updated: Oct 21, 2019
Listen Monday, November 11th:_ The NZD/USD last week opened at 0.8252 and closed at 0.8241, losing 0.11 percent intraweek. The trading range was from the highest point since 24 October at 0.8413 down to 0.8223. The price action formed a shooting star candlestick pattern on the weekly chart, being a strongly bearish sign which countermanded the prior bullish hammer candle.

The week also saw completion of the head and shoulders figure which had been forming since mid-September. The neckline of this pattern is at 0.8241 and sustained trading below this mark should push the price further south, towards the psychological 0.8000 level and beyond.
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In New Zealand, the first three months of the current financial year showed a smaller operating deficit than had been forecast in the May budget. The government gathered in more tax than anticipated and was able to postpone certain expenses in the accounting period.

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The gross operating balance was NZ$1.29 billion in the period 30 June to 30 September, less than the NZ$1.67 billion projected in the Budget economic and fiscal update in May.
Thus far today, the NZD/USD has been trading between 0.8287 and 0.8242. Currently the quote is back at the opening price of 0.8256.
Traders won’t see any economic reports from the US today due to observance of Veterans Day.
Resistances today: 0.8300, 0.8320 and 0.8340.
Supports: 0.8170, 0.8150 and 0.8130.
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NZD Forex