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NZD/USD Accelerates; Failed Bottoming Pattern Possible

By , Sr. Technical Strategist
21 August 2013 22:35 GMT

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Accelerates; Failed Bottoming Pattern Possible

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The NZDUSD traded above the 6/14 high of .8136 on Monday before running into channel resistance and reversing sharply. A failed inverse head and shoulders breakout is a possibility. Failed breakouts can serve as decent patterns in their own right.” The current area is defined by highs from late June / early July and may offer some support. If it does, then expect resistance at .7933-.8043.

FOREXTrading Strategy: Looking to sell strength above .7933

LEVELS: .7682 .7736 .7821 .7890 .7933 .8000

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21 August 2013 22:35 GMT