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NZD/USD Squeeze Capped by Trendline

By , Sr. Technical Strategist
14 November 2013 20:31 GMT

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Squeeze Capped by Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-The NZDUSD is one of the more compelling longer term bearish possibilities. Consider that…

-The decline from the April high unfolded in 5 waves (impulsive), the advance from the August low is defined by converging lines (pennant, common in bear market advances) and action since 9/18 may compose a head and shoulders top.

-Thursday’s squeeze was capped by trendline resistance.

Trading Strategy: Allow Friday to play out before making a decision.

LEVELS: .8104 .8168 .8220 | .8300 .8319 .8349

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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14 November 2013 20:31 GMT