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NZD/USD Holding Up After Bouncing from Former Resistance

NZD/USD Holding Up After Bouncing from Former Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-The dip in NZD/USD found support at former resistance. The former resistance in question is the 8/21 high at .6707. The successful hold is a hallmark of broader trend changes…that is, former resistance provided support. Look higher.

-Previous comments are still valid. “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.”

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.

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