NZD/USD Outside Week Reversal is Already in Place
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-NZDUSD is trading at its best level since the month of the all-time high (August 2011…high was .8842). The last level of possible resistance from the high is .8760/90. A line that extends off of the 1996 and 2007 highs, and crosses through the 2008 and 2013 highs may have just called another top.
-The outside day reversal could indicate an important top. Wednesday’s follow through is a good sign for bears. An even better sign is the fact that an outside week reversal has already formed.
LEVELS: .8358 .8430 .8500 | .8580 .8635 .8669
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