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flag ★ NZD/USD downside continuation pattern

Forex Analysis:::2022-01-18T20:44:17

NZD/USD downside continuation pattern

NZD/USD downside continuation pattern

NZD/USD up channel

As you can see on the H4 chart, the pair rose a little within an ascending channel pattern. The chart formation may represent a downside continuation pattern. Dropping below the uptrend line and below the 0.6740 former low may activate a deeper drop.

Technically, as long as it stays above the uptrend line, inside the channel's body, NZD/USD could develop a new upside momentum towards the pattern's upside line.

NZD/USD trading conclusion

A drop below the uptrend line and under 0.6740 could confirm a further drop and could be considered a selling opportunity.

Analyst InstaForex
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