NZDUSD Reverses from Well Defined Resistance

Daily Bars

Prepared by Jamie Saettele, CMT

The NZDUSD reversed pips just pips in front of the 61.8% retracement of the decline from the February high. The impulsive decline from 8075 and break of channel support shifts focus towards the 6/28 low at 7940, several short term pivots from June at 7750/85 and former resistance at 7650. The implications from daily RSI reversing in front of 70 apply here as well (see AUDUSD text).

LEVELS: 7920 7960 7995 8080 8100 8160