NZD/USD Short Term Trendline Near .6700
Chart Prepared by Jamie Saettele, CMT
-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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.