NZD/USD Turns Sharply off of Resistance
Chart Prepared by Jamie Saettele, CMT
-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.
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