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NZD/USD Reaches the Underside of 2016 Trendline

NZD/USD Reaches the Underside of 2016 Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The underside of the 2016 trendline has been reached. I’m always on the lookout for former supports (whether horizontal or slope) to provide resistance and vice versa. Basically, be aware of potential for at least a pause in the move higher. Previously, “NZD/USD technical evidence is building that this will be a failed head and shoulders in which case there’d still be resistance to confront near .7330/40. The underside of the 2016 trendline should be watched for a response near .7260 as well.”

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

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