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NZD/USD Below Trendline; Contending with 55 Day Average

NZD/USD Below Trendline; Contending with 55 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

NZD/USD Below Trendline; Contending with 55 Day Average

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-.7200 remains the pivot. I’m using .7200 since it’s the most recent swing low (8/29 low is .7204). Weakness below the mentioned figure would be viewed as an indication that price is headed for a test of the January-May trendline. It’s worth noting that weakness below .7200 would also mean that the 55 day average, which was support in July, has been broken.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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