NZD/USD 2012 Low Looms as a Test at .7455
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “Kiwi has rebounded from a well-defined price point (.6960s) but remains below a very long term level (1985-1993 line)…the long upper wicks (especially last Friday’s reversal) warn of a top but a breakout would set an objective near .7700 (measured move).” Today’s move qualifies as a breakout and focus is therefore higher. .7455 (2012 low) is a level that could provide interim resistance. The new pivot is .7200.
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