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NZD/USD – Rebounds from Well-Defined Horizontal Level

NZD/USD – Rebounds from Well-Defined Horizontal Level

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent updates noted that “Kiwi broke out on the 12th but that advance has been erased. As such, the move is viewed as a false breakout and potentially bearish signal. Divergence with RSI is viewed in a negative light as well.” Despite today’s rebound from a well-defined price point, focus remains lower to the October and December 2015 highs near .6900.

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.