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NZD/USD Trades into Early September 2011 Level

NZD/USD Trades into Early September 2011 Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Trades into Early September 2011 Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: Based on the drastic divergence between the NZDUSD and AUDUSD, a top is probably near in NZDUSD. Momentum on this advance is pathetic as well; the NZDUSD is at its highest level since September 2011and daily RSI isn’t even above 60! Volatility has tightened drastically as well. A sharp reversal is probably nearby but we need a setup such as an outside day, inside day, key reversal, or break of support (8280 at this point) to trigger a position. Until then, shorts are at risk of at least 8570.

FOREXTrading Strategy: Flat

LEVELS: 8333 8394 8435 8571 8621 8674

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

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