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NZD/USD Rally Stalls at Former Support

NZD/USD Rally Stalls at Former Support

Jamie Saettele, CMT, Sr. Technical Strategist

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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.”

-If the major double top is going to prove successful, then the February high needs to remain in place.

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

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