The EURNZD has made higher highs and higher lows since the August low, potentially signaling a major trend shift in the process. The decline from the December high has reached the 50% retracement of the rally from 14966 and trendline support comes in at about 15530 today (increases about 5 pips per day). I'm not involved in the position yet but am on the lookout for a low today or tomorrow.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail firstname.lastname@example.org. Follow me on Twitter for real time updates @JamieSaettele
Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.
Jamie is the author of Sentiment in the Forex Market.
- Investment & Company Information