NZD/USD Slips on Milk

Daily

Chart Prepared by Jamie Saettele, CMT

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-The NZDUSD rally has stalled in what could be the beginning of the first corrective process since the broader behavior change took place. .6500 or so may eventually be of interest for support. Today’s title is in reference to the milk auction (New Zealand’s largest export is dairy), which saw prices decline. If you trade NZDUSD, then it’s a good idea to know what milk is doing.

-Previous comments remain valid. “NZD/USD triggered a short term double bottom and blew through the target. Given the long term picture, dips should be bought. There probably isn’t solid resistance (as in a place that could cap the bird for at least several weeks or more) until near .70. .70 represents channel resistance and the 200 day average.”

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