NZD/USD Follows Through on Reversal
Chart Prepared by Jamie Saettele, CMT
Automate trades with Mirror Trader and see ideas on other USD crosses
-The last update noted that it was “decision time for NZD/USD. The cross is trading at the trendline that extends off of the late September and November lows. A downside break seems more likely than a hold given recent failure at the 200 day average and long term trendline. In the event of a break, focus for NZD/USD would be on new lows (below September).” Since breaking the trendline, NZD/USD dropped below the November low but ripped today. The follow through on the 1/20 reversal suggests strength near term.
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.