NZD/USD Trades Sharply Lower from Channel Line
Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-I wrote last update that “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.” Kiwi traded above .7455 on a closing basis on Wednesday before closing below. As noted, .7200 is the pivot. I’m using .7200 since it’s the most recent swing low (8/29 low is .7210).
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.