NZD/USD Near Term Bottoming Pattern but Trendline Needs to Give
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-NZDUSD has traded into the trendline that extends off of the Oct and Nov highs. Price also completed a short term head and shoulders pattern (from 11/22). The target for the pattern is .8445, which is in line with the 10/23 high.
Trading Strategy: Order to go long at .8240, stop .8190, target .8440
LEVELS: .8139 .8205 .8230 | .8300 .8367 .8414
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.