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NZDUSD Clean Corrective Channel and Continuation Opportunity

NZDUSD Clean Corrective Channel and Continuation Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Clean Corrective Channel and Continuation Opportunity

Prepared by Jamie Saettele, CMT

“The NZDUSD correction is well underway and I’m on the lookout for a low.” A low may be in place now as the NZDUSD found bottom Thursday at the confluence of congestion from 9/12 and 9/13, the 8/6 high (spike below), and corrective channel (a-b-c zigzag pattern). Price held the 10 day average as well, testing it for the first time since breaking above on 9/7. Exceeding 8302 would increase confidence that the next bull leg is underway towards 8470 and 8570. Near term support is 8265.

LEVELS: 8185 8223 8265 8304 8353 8470

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