NZD/USD Holding Up After Bouncing from Former Resistance
Chart Prepared by Jamie Saettele, CMT
-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.”
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