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NZD/USD Head and Shoulders Breakout…Redux

NZD/USD Head and Shoulders Breakout…Redux

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’.” NZD/USD pushed above the trendline, triggering what I thought was a ‘trap’. Turns out THAT was a trap on the other side. Risk is lower and considerably so given the head and shoulders pattern.

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

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