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NZD/USD Churns at Range Highs

Jamie Saettele, CMT

DailyFX.com -

Daily

NZD/USD Churns at Range Highs
NZD/USD Churns at Range Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“NZDUSD traded to the 61.8% retracement of its 3 year range today (.7929) and the next level of interest probably isn’t until the 2013 Labor Day gap at .7722. One can’t help but notice that an epic double top is possible with a target of .5898. That would trigger on a drop below .7370.”

-Shorter term, a failed double bottom triggered last week. Failed patterns can serve as triggers in the other direction (in this case down).


original source

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