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NZD/USD Trades above 200 Day Average and 17+ Month Trendline

NZD/USD Trades above 200 Day Average and 17+ Month Trendline

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 (break above .69), NZD/USD is in a range. 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.

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.