Blake Morrow’s Chart of The Day – August 12th 2021
NZDUSD
The NZDUSD may be in a range from roughly .6900-.7100, but a triangle is developing in the range. Before we consider a possible upside breakout, there are a few things we should take note of. 1) We are comfortably below the 200dma for nearly 5 weeks. 2) a death cross of the 50dma and 200dma suggest price may struggle on rallies longer term. 3) the USD is making a broad based move against other majors which could eventually weigh on the NZDUSD pair as well. The breakout point higher would be at .7063, a breakdown would be at .6980. A break either way could take us to the upper or lower end of the longer term range.
Blake Morrow
