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NZD/USD Inches above April-August Line on Narrow Range

By , Sr. Technical Strategist
11 September 2013 20:41 GMT

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Inches above April-August Line on Narrow Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-NZDUSD remains below its August high, failing to confirm the AUDUSD push above its August high.

-The larger trend is probably down as per the 3 wave advance from the June low.

-Price is slightly above the line that extends off of the April and August highs as well as the 8/19 reversal day close.

Trading Strategy: Recent comment was “Watching AUDUSD to exceed its August high while NZDUSD fails to exceed its August high to trigger the next big sell signal.” Divergence is in place between the 2 rates as long as NZDUSD is below the August high. I am bearish against that level.

LEVELS: .7927 .7960 .8036 | .8111 .8162 .8212

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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11 September 2013 20:41 GMT