NZD/USD Tight Consolidation Could Lead to Thrust Lower
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Don’t forget about the line that extends off of the 1996 and 2007 highs. That line crosses through the 2008 and 2011 highs as well. In 2011 (record free float high), the rate surged through the line in late July before topping on August 1st.” That line on the chart is the dashed line and the rate reversed from there last week. This is a great way to make a top.
-RSI (daily) exhibits divergence and the indicator is below 70 (at the peak). The break of .8600 suggests that the rate has topped. That level (.8600) is now resistance. .8500/16 is a reaction level.
LEVELS: .8438 .8516 .8543 | .8592 .8609 .8632
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