The EURNZD has made higher highs and higher lows since the August low, potentially signaling a major trend shift in the process. The decline from the December high has reached the 50% retracement of the rally from 14966 and trendline support comes in at about 15530 today (increases about 5 pips per day). I'm not involved in the position yet but am on the lookout for a low today or tomorrow.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.