NZD/USD Churns above Downtrend Support Line
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 break above .6707 is needed to turn constructive on NZDUSD but a daily close above .6497 would be a positive development. .6477 is the 8/24 high volume close and .6497 is the July low (former support).
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.