Chart of the Day: NZDUSD

Blake Morrow Forex Analytix

The NZDUSD is exhibiting all the characteristics of a bear flag pattern and anyone who is a "NZD bull" should be concerned. First of all, the consolidation since December of 2021 has been a bearish consolidation not above to get back above the 38% retracement of the Oct 2021 highs to December 2021 lows. The "bear flag" has been masked as a nice "ascending channel." Daily RSI has come back to neutral giving the pair the ability to make another leg lower if needed. A break of the .6740 level would open the .6700 key support test. A decisive break of this level would target the .6400 level. Not something "NZD bulls" want to hear.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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