NZD/USD Closes in on 200 Day Average and 17+ Month Trendline
Chart Prepared by Jamie Saettele, CMT
-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 and a trendline that extends to the 2014 high is just above the current market.