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NZD/USD Churns above Downtrend Support Line

Jamie Saettele, CMT

DailyFX.com -

Daily

NZD/USD Churns above Downtrend Support Line
NZD/USD Churns above Downtrend Support Line

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-“The wedge objective has been reached as has the 2010 low at .6560. The next levels to be aware of are .64 (61.8% retracement of the 2009-2011 rally and 50% retracement of the 2000-2011 rally) and .60 (long term double top target).”

-A break above .6707 is needed to turn constructive on NZDUSD but a daily close above .6497 would be a positive development. .6477 is the 8/24 high volume close and .6497 is the July low (former support).

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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