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NZD/USD Broken Trendline May Serve as Support Now

By , Sr. Technical Strategist
17 July 2013 22:40 GMT

4Hour

eliottWaves_nzd-usd_1_body_nzdusd.png, NZD/USD Broken Trendline May Serve as Support Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change – “Expectations are for a rally in order to correct the 5 wave decline from the April high. The former 4th wave extreme near .8150 is a level to keep in mind as resistance. Near term support at .7750 held and recent divergences with AUDUSD are suggestive of a turn higher.” Watch for support now at .7805.

FOREXTrading Strategy: Flat (AUDUSD is a better trade…volatility here is too low)

LEVELS: .7749 .7805 .7840 .7968 .8030 .8136

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17 July 2013 22:40 GMT