NZDUSD Drops for 7th Consecutive Day
Prepared by Jamie Saettele, CMT
The NZDUSD dropped for a 7th consecutive day for the first time since 2005. In fact, 7 consecutive down days occurred on 3 separate occasions in 2005 (January, July and November) and led to reversals each time. A sample size of 3 doesn’t mean much (if anything) but is worth noting especially with price testing support (from channel and December high). Expect a bounce. Strength would encounter resistance at 8005 and 7990-8020. The next big level on the downside is the January (and year to date) low at 7741.
Ideas: short into 7990/8020
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