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NZD/USD Drops Sharply from Trendline

NZD/USD Drops Sharply from Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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 large double top has so far failed. A wedge may be underway from the February low though. The bearish pattern would complete on a break below the support line from that pattern (about .7520).

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

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