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NZDUSD Trendline Confluence Serves as Reference Point

NZDUSD Trendline Confluence Serves as Reference Point

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Trendline Confluence Serves as Reference Point

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). Ultimately, the next triangle leg would probably bring price back near 7700.” The NZDUSD has acted much better than the AUDUSD of late (NZDUSD held above its 7/25 low for example) although the current level may serve as a pivot (confluence of trendlines). Perhaps RBNZ on Wednesday will clarify the situation.

LEVELS: 8000 8020 8060 8133 8186 8223

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

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