2 Nov 2016

NZD/USD TESTING THE WEDGE RESISTANCE

NZD/USD DAILY

The rate is currently trying to break the former head and shoulders neckline support after a bounce higher from the 2016's rising channel lower boundary.

As I have mentioned before (read the full article here) I am now looking to enter a long position for a possible move towards the channel resistance and the previous highs at 0.7500.

A failure to close above the former neckline would invalidate my immediate bullish bias for the pair as it would indicate further trading in the wedge's range.






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