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NZD/USD Slammed after Failure at December Low (Old Support)

NZD/USD Slammed after Failure at December Low (Old Support)

Jamie Saettele, CMT, Sr. Technical Strategist


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.”

-“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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.