NZD/USD Accelerates; Failed Bottoming Pattern Possible
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Interested in automated trading with Mirror Trader?
FOREXAnalysis: “The NZDUSD traded above the 6/14 high of .8136 on Monday before running into channel resistance and reversing sharply. A failed inverse head and shoulders breakout is a possibility. Failed breakouts can serve as decent patterns in their own right.” The current area is defined by highs from late June / early July and may offer some support. If it does, then expect resistance at .7933-.8043.
FOREXTrading Strategy: Looking to sell strength above .7933
LEVELS: .7682 .7736 .7821 .7890 .7933 .8000
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.