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NZD/USD Consolidating Before Next Drop

NZD/USD Consolidating Before Next Drop

2014-10-07 17:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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NZD/USD Consolidating Before Next Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“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.”

-NZDUSD reached the mentioned gap last week. The February low at .8050 is now resistance and the swing pivot is still .8169.

--Tradingideas are availabletoJ.S. Trade Desk members.

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