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NZD/USD Range Highs and 200 Day Average at .69

NZD/USD Range Highs and 200 Day Average at .69

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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

-A big reversal may be in the near future for NZD/USD. Price action since July qualifies as an inverse head and shoulders pattern. A break through the October high would confirm the pattern’s completion and set a target (conservative) just above .72. Until the pattern completes, NZD/USD is in a range at best. It’s worth noting as well that the 200 day average is in line with the breakout level near .69.

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.