Blake Morrow’s Chart of The Day – Forecast NZD USD
Forecast NZD USD
The NZDUSD has broken the two-week consolidation lower as it was being held at the 61.8% retracement of the Feb 2021 highs to August 2021 lows at .7212. The break of the .7140 level trigged selling to the 200dma at .7092, and now rallies back to the .7140/50 level should offer some levels for fresh selling towards the .7050 double top target. Keep in mind tomorrow is the FOMC which obviously could negate this pattern especially if the FOMC tapers bond purchases to expectations of 15bln a month which would be within consensus estimates.
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