Did the NZDUSD reverse as predicted?

Updated: Sep 23, 2018

We previously raised the question, "is the NZDUSD showing signs of a reversal with the formation of a head & shoulders pattern?" but what was the outcome..

Lets recap..

On Tuesday the 18th of September, we spotted the formation of this pattern and predicted the reversal of the NZDUSD.

"Although a retest of the neckline is a possibility, a stop loss has been placed beyond the 0.658-0.657 zone. if the neckline retest fails, we can expect a rally in the upward direction and a complete change in direction as expected."

Lets take a look at the outcome..

A breakout, followed by a retest which subsequently failed, causing a rally of around 100 pips to the upside. This can be taken as a confirmation of the effectiveness of the head & shoulders pattern

Why not test this method out yourself?

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