NZD/USD Tests Downtrend Resistance for 3rd Time Since May
28 Jul 2015 18:38, GMTDaily
Chart Prepared by Jamie Saettele, CMT
Automate trades with Mirror Trader and see ideas on other USD crosses
-“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.
For more analysis and trade setups (exact entry and exit), visit SB Trade Desk
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.