NZD/USD Former Trendline Support Provides Resistance
Chart Prepared by Jamie Saettele, CMT
-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.