NZD/USD Next Leg Lower Underway
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.”
-NZDUSD reached the mentioned gap 3 weeks ago and this week’s high is just shy of the mentioned .8050. .7760 is possible support within the range and bearish continuation from the month long consolidation would target .7400.
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