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NZDUSD Risk on Shorts Moved Down to 8140

NZDUSD Risk on Shorts Moved Down to 8140

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Risk on Shorts Moved Down to 8140

Prepared by Jamie Saettele, CMT

“Bigger picture, the NZDUSD rally from the June 1 low is probably wave c within a triangle from the November low (B wave triangle). A drop below 8067 would increase confidence that a top is in place and that the next leg of the triangle is underway towards 7700.” The NZDUSD traded below 8067(August low), which leaves us with an objective level to be bearish against (8223). Focus is now on 8000 and 7930. For those so inclined, yesterday’s break leaves a head and shoulders top in place with a measured objective near 7910.

LEVELS: 7930 8000 8030 8075 8115 8140

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.