NZD/USD Bear Move Could Be in Early Stages
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-NZDUSD has responded to resistance above .8400. The 1/14 high is just shy of the 9/19 and 10/24 highs at .8435/45.
-Longer term trend remains sideways, possibly within the confines of a triangle (since 2011). In general, the market has entered longer term resistance (highs in March 2012, December 2012, February 2013, and October 2013 are from .8471 to .8543). The pattern probably explains why NZDUSD isn’t doing much at the moment.
LEVELS: .8011 .8084 .8132 | .8219 .8259 .8281
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