NZD/USD Tests Downtrend Resistance for 3rd Time Since May
Chart Prepared by Jamie Saettele, CMT
-“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.” NZDUSD pushed above downtrend resistance on an intraday basis (could be a trap). If a bottom is forming then NZDUSD probably needs to find support near .6620.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.