NZD/USD Rallies After Piercing 50% of Rally from February Low
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. RSI (daily) exhibits divergence and the indicator is below 70 (at the peak). The break of .8600 suggests that the rate has topped. .8390-.8415 is a reaction level (possible support). .8490-.8540 is now resistance.”
-NZDUSD found low at .8401 and is nearing resistance from the April low at .8515. I remain of the mind that the top in May was important for the reasons mentioned above but stronger resistance is .8600.
LEVELS: .8419 .8430 .8471 | .8515 .8540 .8603
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