NZD/USD Downtrend Resistance Break Fails
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).” It was a trap. Focus is lower as long as price is below .6738.
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