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NZD/USD at a Familiar Downtrend Line

Jamie Saettele, CMT

DailyFX.com -

Daily

NZD/USD at a Familiar Downtrend Line
NZD/USD at a Familiar Downtrend Line

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-“A wedge may be underway from the February low though. The bearish pattern would complete on a break below the support line from that pattern.” The wedge target is .6607.

-“NZDUSD has rebounded from near 5 year lows. Recent congestion is now possible resistance from .7211 to .7270. A push above .7270 would pique interest in a more important bottoming scenario.” NZDUSD failed within the cited zone (high was .7230) so the wedge objective remains in focus. Strength above .7025 is needed in order to suggest that the downtrend from late April is complete.

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original source

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