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NZD/USD Still Capped by Channel Resistance

NZD/USD Still Capped by Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

NZD/USD Still Capped by Channel Resistance

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“NZD/USD has erased most of the May drop in just the first week of June. Longer term, the area above .7100 is interesting. If NZD/USD trades up to that level and fails, then it’s possible that a wedge has formed from the 2015 low.” NZD/USD has turned down from channel resistance. Longer term resistance may still be near .7230. For more on Kiwi, watch this video.

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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