NZD/USD Signal - September 7, 2011

Analysis by FXRenew

The kiwi is trading higher today after bouncing off its 100-day MA yesterday around 0.8230. Looking closer at a 1H chart, we are waiting for an inverted head and shoulders pattern to complete around 0.8260. The first shoulder was made at 0.8260 on Sept 5 and the head formed yesterday at 82.05. Our long targets will include 0.8350 (20-day MA) and 0.8415 (50-day MA and possible 2nd shoulder on daily chart for upright H&S).

NZD/USD Chart, September 7, 2011

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