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NZD/USD Underside of Trendline Still Providing Resistance

NZD/USD Underside of Trendline Still Providing Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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 continues to provide resistance. As such, the 11/30 high (.7169) 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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