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NZD/USD Testing Old Resistance Line from Above

NZD/USD Testing Old Resistance Line from Above

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

NZD/USD Testing Old Resistance Line from Above

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). A new low could see support near .6400 (long term Fibonacci confluence).

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

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