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NZD/USD Bounces after Gap Open; Former Support is Now Resistance

By , Sr. Technical Strategist
05 August 2013 21:46 GMT

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Bounces after Gap Open; Former Support is Now Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Weakness is unfolding in an impulsive manner, which reinforces the bearish bias. NZDUSD closed the gap open during European trading but an uncovered close remains at .7834. The underside of line that extends off of the July lows is now resistance as well. That line is at about .7850 on Tuesday.

FOREXTrading Strategy: Order to short .7850, stop .8000 (month open is at .7976), target .7653 (78.6% retracement of the rally from 2011 low is at .7649).

LEVELS: .7649 .7687 .7745 .7850 .7904 .7934

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05 August 2013 21:46 GMT