NZD/USD Failed Rally Leaves Large Bearish Wedge Pattern Intact
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.”
-“NZDUSD has bounced from a short term double top objective (.7331). The larger wedge completed and yields a bearish objective near .6600.” Watch for resistance near .76 (and slightly above). This level was support in Dec and resistance in Feb.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.