NZDUSD H&S break and theoretical projection

18 Kas 2016

NZDUSD broke the H&S neckline. Theoretically its projected to extend down into 0.67 which coincides with major support (Green Rectangle, cluster of highs and lows from the beginning of the year which acted as support & resistance). The PA also agrees with this with 3 big purple candles and aggressive sellers from the high of the right shoulder. A retest and subsequent rejection of the neckline should help a follow-through

19 Kas 2016

Not

Rejection on neckline resistance as discussed. Accompanied by a bearish close should see some follow-through in the idea. First reference point 0.6955 (swing low)

21 Kas 2016

Not

Testing the neckline again. A close above wont be good for shorts.

22 Kas 2016

Not

No close above trendline. Idea still valid

23 Kas 2016

Not

Took it's time with the neckline. Needs a daily close below 0.6985 area (small swing low) to confirm a move towards the bigger swing low at 0.6955. Should accelerate through the second level