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NZD/USD New Low; Reversal Risk Evidence

NZD/USD New Low; Reversal Risk Evidence

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

NZD/USD New Low; Reversal Risk Evidence

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).”

-NZDUSD made a trend low on 8/5. The closing low (which must be used when comparing with momentum indicators) was less than the 7/16 closing low by about a pip. Point is…there was a new closing low. At the same time, the 8/5 RSI reading was 34. Divergence is worth paying attention to when RSI is above 30 (at lows) or below 70 (at highs).

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

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