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NZD/USD Closes on Lows but Still Above Trendline

NZD/USD Closes on Lows but Still Above Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Closes on Lows but Still Above Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The NZDUSD has followed through on the 2/15 reversal, declining towards the bottom of the range low. The range has yet to be broken and the diagonal support line does continue to hold so bears aren’t home free yet. Still, if the rally from 7914 is a completed diagonal, then 7914 will be seen before 8533.

FOREXTrading Strategy: Short against 8490 (triggered at 8466).

LEVELS: 8240 8280 8310 8372 8403 8450

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

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