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EURNZD Carving a Head and Shoulders Reversal?
For the past few days, we’ve focused on the EURAUD. At first, we were watching the pair move lower to test rising wedge support. Then yesterday sellers confirmed the pattern with a sub 1.5325 close. But let’s not forget that the EURNZD, a counterpart to the EURAUD, was the first to break wedge support. And although prices have stalled a bit this week, the trade idea is still in play. Over the weekend I promised to update you on the pair’s progress, namely the potential head and shoulders pattern on the daily chart. Now, I’ll be the first to admit that the right shoulder is a bit shallow. Typically I like to ... (full story)