NZD/USD Technical Technique: BEARISH
NZ Greenbackdeclines for 5 consecutive days, stalls above Zero.67 determine
Break of counter-trend help line hints bearish pattern has resumed
January lows in focus if sellers can handle each day shut under Zero.6686
See our free buying and selling information to assist construct confidence in your NZD/USD buying and selling technique!
Indicators of ebbing upside momentum preceded a flip decrease for the New Zealand Greenback in opposition to its US namesake, as anticipated. The foreign money pair has now declined for 5 consecutive classes, making for the longest dropping streak in over three months.
A have a look at shorter-term positioning on the four-hour chart reveals costs consolidating losses within the Zero.6726-67 space. Nonetheless, seeing clear follow-through on the break of rising pattern help guiding the upswing from lows from set at the start of the 12 months suggests the longer-term down pattern has resumed.
From right here, a transfer under the Zero.6726 opens the door for a take a look at of the subsequent layer of help within theZero.6686-Zero.6713 space. A each day shut under that units the stage for a decline to revisit zone Zero.6592-Zero.6619, the place the final down leg began in early December out of steam.
NZD/USD TRADING RESOURCES:
— Written by Ilya Spivak, Foreign money Strategist for DailyFX.com
To contact Ilya, use the Comments part under or @IlyaSpivak on Twitter