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NZD/USD Underside of Trendline is Near .8720

NZD/USD Underside of Trendline is Near .8720

2014-05-05 18:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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NZD/USD Underside of Trendline is Near .8720

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Don’t forget about the line that extends off of the 1996 and 2007 highs. That line crosses through the 2008, 2011, and highs as well. The rate has traded off of that level. In 2011 (record free float high), the rate surged through the line in late July before topping on August 1st.”

-“Near term, a flat pattern appears to be unfolding. The market could top near .8650/80.” Well, .8650 was left in the dust and the rate is at .8680 now. The final level before the April high that I’ve got as resistance is .8719. The close from the day of the record (free-float) high is possible resistance at .8763.

LEVELS: .8549 .8615 .8647 | .8719 .8763 .8842

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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