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NZD/USD Drops Sharply and Approaches Trendline

NZD/USD Drops Sharply and Approaches Trendline

2013-02-07 00:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Drops Sharply and Approaches Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The NZDUSD took quite a dive today but recent comments remain valid. That is, “the NZDUSD remains resilient on each dip. As long as price is above 8280, trend is considered constructive towards 8570. An upward sloping trendline intersects 8570 in 2 weeks. The January low at 8195 is the bearish pivot which leaves 8195-8280 as the ‘dead zone’. Those that trade in the ‘dead zone’ are subject to getting chopped up.”

FOREXTrading Strategy: Flat

LEVELS: 8155 8195 8280 8373 8431 8479

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