NZD/USD Critical Near Term Downtrend Test Looms
Chart Prepared by Jamie Saettele, CMT
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-“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.
-“The wedge objective has been reached as has the 2010 low at .6560. The next levels to be aware of are .64 (61.8% retracement of the 2009-2011 rally and 50% retracement of the 2000-2011 rally) and .60 (long term double top target).” A close above downtrend resistance (near .6720) is needed in order to indicate a larger reversal is underway.
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