NZD/USD Climb Triggers a Bear Trap
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’.” NZD/USD is back above the trendline, which favors the ‘bearish trap’ interpretation (which is bullish).
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