NZD/USD Follows Through on Reversal

Daily

Chart Prepared by Jamie Saettele, CMT

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-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.

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