CONTINUATION OF TREND ON NZDUSD

NZDUSD has been dovish since may last year and we can still see it in a downtrend due to the strength of the DOLLAR. From the recent COT report we can see a very weak NZD and a strong USD. Looking at the pair from a technical perspective we can see massive impulse to the downside from the daily timeframe and a weak correction which tested the 5.0 of the FIBS pulled on the impulse. During the correction fortunately we had a potential head and shoulders which we can expect the right shoulder to be completed next week. Stop loss can be placed above the right shoulder and TP at 0.64539.