NZD/USD Slammed from Old Support into New Support
Chart Prepared by Jamie Saettele, CMT
-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. The next directional move triggers on a break of the 1/20-2/29 trendline or a move through the October and December highs.