Technical Analysis

NZD/USD Breakout In Play

Typography

The NZD/USD jumped above the median line (ml) of the minor descending pitchfork and above the 61.8% retracement level. A valid breakout above these levels will signal a further increase on the short term. It could approach the upper median line (uml) of the minor descending pitchfork if the USDX will slide further.

Resistance could be found at the 0.7131 level and much higher at the 50% retracement level. I’ve said in a previous report that the rate could develop a Falling Wedge pattern, but this is far from being confirmed.

Author: MultiBank Exchange Group Website: http://www.mexgroup.com
MultiBank Exchange Group
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.
More from the author