NZD/USD Loses 4 Year Trendline; This Week’s High is Important Now
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-NZDUSD traded to the 61.8% retracement of its 3 year range today (.7929) and the next level of interest probably isn’t until the 2013 Labor Day gap at .7722. One can’t help but notice that an epic double top is possible with a target of .5898. That would trigger on a drop below .7370 but this week’s high at .8169 is the pivot now.
--Tradingideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.