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NZD/USD Technical Confluence is Just Under .7400

NZD/USD Technical Confluence is Just Under .7400

2014-11-06 18:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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NZD/USD Technical Confluence is Just Under .7400

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 4 weeks ago and the recent high is just shy of the mentioned .8050. Bearish continuation from the month long consolidation would target .7400.

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

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