Chart Of The Day: NZD/USD
Blake Morrow | Jan 20, 2022 05:49PM ET
NZD/USD is exhibiting all the characteristics of a bear flag pattern, and anyone who is a "NZD bull" should be concerned.
First, the consolidation since December 2021 has been a bearish consolidation, not about to get back above the 38% retracement of the October 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. It is not something "NZD bulls" want to hear.
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