The New Zealand Dollar appears poised to complete a 6+ month complex H&S on the weekly and daily graphs. Note on the daily chart that the right shoulder took the form of a classic rising wedge.
https://www.peterlbrandt.com/wp-content/uploads/2016/12/Factor-Alert-December-16-2016-New-Zealand-Dollar.jpg600797Peter Brandthttps://www.peterlbrandt.com/wp-content/uploads/2020/04/TheFactorReport-small-logo.jpgPeter Brandt2016-12-16 09:37:562016-12-16 09:44:04Factor Alert, December 16, 2016 — New Zealand Dollar
The decline on Friday (with the follow-through today) has completed a 9-month H&S top pattern, setting up a test of the lower boundary of a 20-month consolidation. As mentioned by the November 13, 2016 Factor Update, I view this H&S as the possible launching pad for the completion of the larger congestion area.