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NZD/USD Erases Entire Breakdown

NZD/USD Erases Entire Breakdown

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “if the broader move is still higher then the rate probably turns higher while RSI maintains 30.” NZD/USD has wiped out last week’s decline and is currently testing the former support (in effect the breakdown area) at .7204/35. A reaction lower here wouldn’t surprise. The 10/4 high (bearish outside day) at .7310 is viewed as the invalidation level for swing shorts.

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