NZDUSD has formed a valid Head & Shoulders pattern on the daily time frame after failing to close above the middle Bollinger Band (20 SMA). The right head is slightly lower which is a sign of additional selling pressure. A significant bearish engulfing recently closed on the monthly time frame. Price closed firmly through the middle Bollinger Band on the weekly time frame. A significant bearish engulfing with a strong Bollinger Band outbreak is currently forming on the H4 time frame after bouncing from a 5 point support trend-line allowing for a very low risk entry. 1:9 risk to reward ratio. SL set above previous highs. TP set slightly above strong support. H4, Weekly and Monthly charts will be posted in the comments below.
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Weekly POV: Monthly POV: H4 POV:
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4H trend-line was broken. I will look for a re-entry as long as the right shoulder high isn't broken.
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Price made one more move up, then formed a bearish engulfing with a strong upper Bollinger Band outbreak confirming the start of the down move.