NZD/USD Erases Entire Breakdown
Chart Prepared by Jamie Saettele, CMT
-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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.