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NZD/USD Former Trendline Support Provides Resistance

NZD/USD Former Trendline Support Provides Resistance

2016-12-01 21:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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NZD/USD Former Trendline Support Provides Resistance

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent updates have noted that “the break of the January-May trendline, combined with the head and shoulders top, indicates potential for Kiwi to drop below .6600 and that “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’.” The former support line did provide resistance this week. As such, Wednesday’s high is viewed as important to the integrity of bearish potential.

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