NZD/USD Potential Bearish M Shaping Up
Admirals | Aug 22, 2016 11:29AM ET
NZD/USD Potential bearish M shaping up
The NZD/USD aka "Kiwi" has been in a range mode but as we can see on the daily mini chart the pair has been rejecting from daily resistance. The pair could possibly make an M 1 2 3 reversal pattern if it rejects from POC 0.7250-70 (WPP (LON:WPP), X cross™, EMA89). The target will be 0.7200. If 0.7200 breaks M will be confirmed targeting 0.7164 and 0.7115 if we see the breakout of 0.7164. So at this point we are focused on a possible rejection from POC.
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