NZD/USD Acting Well at Support
Chart Prepared by Jamie Saettele, CMT
-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 reversed sharply on 1/20. Subsequent follow through suggests that the cross is headed higher.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.