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NZD/USD Channel Blow Out and Reversal

NZD/USD Channel Blow Out and Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “NZD/USD is trading at channel resistance. Longer term resistance may still be near .7230. For more on Kiwi, watch this video.” NZD/USD rallied into .7289 and reversed sharply last week. Generally speaking, the rally failed at former support from 2015 (and the June 2015 high at .7230). The blowout through the channel and reversal is viewed in a bearish light.

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

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