Written by Ross Mullins
Friday, June 17th, 2011
The NZDUSD has been in a long term uptrend quite frankly since bottoming out in early 2009 recently capping at multi-year highs at .8300. There has been a turn down from those highs and is now showing signs of potential reversal on multiple compressions.
Begining on the Daily chart below there has been an open/close below the daily trend line that originates from March of this year. This O/C candle also forms below the previous resistance back in April and before the highest high. Looking forward, a few weeks, if the pattern persists we could set up a Head and Shoulders on the Daily….only potential at this time.
Click on image for larger
On the 4hr chart we can see an intraday climb back under the (more…)
