NZD USD WEEKLY ANALYSIS ~ forex tsd trading system
NZD USD AT MAJOR CROSSROADS
This popular currency pair has started to move sideways, forming a Pennant Consolidation pattern on its Daily Chart. This follows a rally of 740 pips from the low of 0,8050 on February 4th this year. Coinciding with this area is the Resistance of an even larger Pennant on the Weekly Chart. That Resistance connects the high of 0,8841 of July 30, 2011 with 0,8675 of April 30th, 2013.
WEEKLY CHART
DAILY CHART
At this juncture, we could either see a break long above this area to continue the current uptrend or a break short for a new downtrend. Until that break takes place, movement with this 130-Pip consolidation could provide short-term gains for the aggressive trader.
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Duane Shepherd
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
Contact: shepherdduane@gmail.com
Twitter: @WorldWide876
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