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NZD/USD Tests Downtrend Resistance for 3rd Time Since May

Jamie Saettele, CMT

DailyFX.com -

Daily

NZD/USD Tests Downtrend Resistance for 3rd Time Since May
NZD/USD Tests Downtrend Resistance for 3rd Time Since May

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 close above downtrend resistance (near .6720) is needed in order to indicate a larger reversal is underway.” NZDUSD pushed above downtrend resistance on an intraday basis (could be a trap). If a bottom is forming then NZDUSD probably needs to find support near .6620.

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original source

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