NZD/USD Trades above 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 (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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