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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

2015-12-29 17:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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NZD/USD Trades above 200 Day Average and 17+ Month Trendline

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.

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