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NZD/USD Tests Early Month Low; Corrective Advance Possibly Underway

By , Sr. Technical Strategist
30 October 2013 22:11 GMT

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Tests Early Month Low; Corrective Advance Possibly Underway

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-NZDUSD has broken the line that extends off of the August and 10/10 lows. Like AUDUSD, the advance from the YTD low forms converging lines which is consistent with a bear market rally.

-Price traded to a new low for the month today (by 1 pip) before making a key reversal. As mentioned yesterday, this region is support for a bounce.

Trading Strategy: Same as AUDUSD…a corrective advance may begin from nearby levels (or now) in which case we’ll look to identify a secondary top (levels of interest include .8330/56 and .8415/35).

LEVELS: .8162 .8191 .8225 | .8285 .8330 .8356

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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30 October 2013 22:11 GMT