NZD/USD in No Man’s Land; Trendline is Slightly Higher
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.”
-“The rate has reached .7530/50 resistance. Beware a turn lower.” NZDUSD exceeded .7750 and found resistance from the December low at .7608. Trendline resistance is slightly higher. NZDUSD is at important resistance within a longer term downtrend. The implications are obvious.
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