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NZD/USD Posting Bearish Candles at Resistance

NZD/USD Posting Bearish Candles at Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

NZD/USD Posting Bearish Candles at Resistance

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Since reversing on 1/20, NZD/USD has retraced most of its early year decline. The rally and sideways trade since September can be interpreted as waves A and B or 1 and 2 within a new bullish cycle. That said, a prolonged period of sideways trading (in the event that trade since October is a B wave) is a possibility. Either way, last week’s high (post NFP high), defined by the 200 day average and long term trendline, is significant (important behavior change would take place on a rally through that level).

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.

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