NZD/USD Squeeze Capped by Trendline
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-The NZDUSD is one of the more compelling longer term bearish possibilities. Consider that…
-The decline from the April high unfolded in 5 waves (impulsive), the advance from the August low is defined by converging lines (pennant, common in bear market advances) and action since 9/18 may compose a head and shoulders top.
-Thursday’s squeeze was capped by trendline resistance.
Trading Strategy: Allow Friday to play out before making a decision.
LEVELS: .8104 .8168 .8220 | .8300 .8319 .8349
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