NZDUSD Inverse Head-and-Shoulder

NZDUSD H1

A beautiful inverse head-and-shoulder pattern has emerged in Kiwi pair. 

Left shoulder is the lows of 9-Nov and right shoulder is the lows of 21-Nov. Head is lows of 16-Nov. Neckline comes at 0.8200. 



I expect this neckline to become resistance-turned-support and price may bounces on any pullbacks. After Friday's moves, pair does look little bit overbrought, so a retracement might be in.

I plan to go long on touch of neckline at 0.8200.

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NZDUSD H4

UPDATE ON 29-Nov-12 15:55GMT: Inverse head-and-shoulder came out very well. I went long at 0.8200 and got stopped out for +30 pips. It was a nice trade.