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NZD/USD Former Trendline Support Provides Resistance

NZD/USD Former Trendline Support Provides Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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.

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

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