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NZD/USD Failed Rally Leaves Large Bearish Wedge Pattern Intact

NZD/USD Failed Rally Leaves Large Bearish Wedge Pattern Intact

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

NZD/USD Failed Rally Leaves Large Bearish Wedge Pattern Intact

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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.

For more analysis and trade setups, visit SB Trade Desk

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