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NZD/USD Slammed from Old Support into New Support

NZD/USD Slammed from Old Support into New Support

2016-03-10 19:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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NZD/USD Slammed from Old Support into New Support

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. The next directional move triggers on a break of the 1/20-2/29 trendline or a move through the October and December highs.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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