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NZD/USD Turns Sharply off of Resistance

NZD/USD Turns Sharply off of Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

NZD/USD Turns Sharply off of Resistance

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last Kiwi update noted that “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 from nearby given the presence of the former channel line, which as support throughout August and September 2016.” NZD/USD has resistance respect with the sharpest 2 day drop since mid-December. The 55 and 200 day averages cluster near .7100 and could stem weakness.

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

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