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NZD/USD Short Term Trendline Near .6700

NZD/USD Short Term Trendline Near .6700

Jamie Saettele, CMT, Sr. Technical Strategist



Chart Prepared by Jamie Saettele, CMT

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

-The last update noted that “October was the best month for NZD/USD since September 2013. So, is this a trend change or just a bounce within the downtrend. That question might be answered with how the rate trades around .6455-.6500. The burden of proof is on bulls to step up in order to suggest that the last few months compose a bottoming process rather than just a bear market advance.” Bulls stepped up at the mentioned price zone (low was .6428…closing low was .6471). The seeds are sewn for a more important rally attempt in the coming weeks and months although we could see a hiccup near .6720.

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.