NZD/USD Reverses from Important 61.8% Retracement

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NZD/USD Reverses from Important 61.8% Retracement

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“NZDUSD has dropped into the open price for 2014. The vicinity is also marked by the 50% retracement of the advance from the 2013 low. The broader trend is lower as long as price is below .8514 but this is a good place for a bounce (resistance is .8350 and .8420).” Resistance is estimated at .8300 (minor) and .8400 (major). Both levels are former lows.

–Tradingideas are availabletoJ.S. Trade Desk members.

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