Blake Morrow’s Chart of The Day – Mar 19th 2021
NZDUSD
Risk appetite soured today as the markets came off the all time highs in the SPX and Dow Jones Industrial average. With that in risk, it setup a possible move in some commodity currencies like the NZD that could see some further weakness near term. The NZDUSD has a bear flag pattern setting up below a broken ascending trend line. The 50% retracement capped the rally at the .7285 level and a break of the .7140 level may allow a test of the key horizontal support at .7100 and an eventual move to .6890 near the 200dma (just below).
