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NZD/USD Strength is Corrective

NZD/USD Strength is Corrective

2013-02-27 23:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Strength is Corrective

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The NZDUSD range has now been broken as has and the diagonal support line. If the interpretation of the rise from 7914 as an ending diagonal is correct, then the objective is the origin of the pattern at 7914. The December low at 8155 is probably interim support (along with the 200 day average).

FOREXTrading Strategy: Risk on shorts is 8420. 8300 is resistance.

LEVELS: 8112 8155 8213 8300 8345 8403

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