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NZD/USD Checking Former Trendline Support from Below

NZD/USD Checking Former Trendline Support from Below

2016-11-29 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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NZD/USD Checking Former Trendline Support from Below

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“The break of the January-May trendline, combined with the head and shoulders top, indicates potential for Kiwi to drop below .6600.” NZD/USD has turned up and is testing the mentioned trendline from below (as resistance). Strength through this level would suggest that the breakdown earlier this month is a ‘trap’.

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