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NZDUSD Rebound Possible as Price Trades to Key Support

NZDUSD Rebound Possible as Price Trades to Key Support

Christopher Vecchio, CFA, Senior Strategist

4-hour Bars

eliottWaves_nzd-usd_body_Picture_5.png, NZDUSD Rebound Possible as Price Trades to Key Support

Prepared by Christopher Vecchio, Currency Analyst

The NZDUSD has sputtered along key support today, the 100% extension on August 6 high to August 15 low, measured against the August 23 high, at 0.7995/0.8000. This also represents support in the descending channel in place since early-August. Alongside growing bullish RSI divergence on the 4-hour chart (price keeps falling whereas the RSI has started to rebound), there exists scope for a rebound. Interim resistance comes in at 0.8035/40 (mid-August swing low), 0.8070/90, and 0.8160 (descending channel resistance off of August 6 high). A daily close below 0.7995/0.8000 would represent a breakout and thus shift our bias to bearish, and look for a test of the 1618% extension at 0.7885.

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