By Admiral Markets
The NZD/USD dropped from highs, making a very clear head and shoulders pattern (Bearish SHS) with strong POC zone. Daily also turned bearish, showing a bearish Marubozu momentum candle. 0.7230-45 (EMA 89, Bearish order block, 38.2,H4, ATR high) could reject the price on a retest towards 0.7160 and 0.7130. Interesting to notice is that Bearish order block is the neckline of SHS pattern. 1h momentum break or 4h close below 0.7160 will aim for a test of 0.7100 level.
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Article by Admiral Markets
Source: NZD/USD Bearish SHS and Order Block Confluence
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