NZD/USD Has Retraced Half of Advance from June Low
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: “The NZDUSD decline since 5/21 is a choppy mess. That alone suggests that the decline is a diagonal. The ‘origin’ of the choppy mess is in line with the breakdown level of .8155 (December 2012 and March 2013 lows).” Price is well on its way to a full retracement of the diagonal and the area that probably produces the next top (.8155-.8212). A support zone is identified at .7867-.7927. The 61.8% retracement of the advance from .7760 sits within this zone at .7903.
FOREXTrading Strategy: Order to go long .7875, stop .7755, target .8210
LEVELS: .7867 .7903 .7948 .8040 .8118 .8155