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NZD/USD 8450 is a Point of Contention

NZD/USD 8450 is a Point of Contention

2013-02-13 21:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD 8450 is a Point of Contention

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “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: The more time that passes without the NZDUSD breaking new highs, the more I want to be short…especially with price below 8450. The trade is just too much of a guess though. Also, I remain of the mind that the AUDUSD is a better option in the coming months (given AUDNZD pattern).

LEVELS: 8279 8330 8390 8437 8479 8571

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