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NZD/USD Continues to Ride Along Downtrend Support

NZD/USD Continues to Ride Along Downtrend Support

2015-06-23 20:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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NZD/USD Continues to Ride Along Downtrend Support

Chart Prepared by Jamie Saettele, CMT

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.” The wedge target is .6607.

-“NZDUSD has rebounded from near 5 year lows. Recent congestion is now possible resistance from .7211 to .7270. A push above .7270 would pique interest in a more important bottoming scenario.” NZDUSD failed within the cited zone (high was .7230) so look towards the mentioned wedge objective as long as price is below .7230.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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