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NZD/USD Strength Rejected at Former Support

NZD/USD Strength Rejected at Former Support

2013-02-28 01:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Strength Rejected at Former Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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 still 8420 but will be moved lower if price weakens next week.

LEVELS: 8112 8155 8213 2324 8345 8403

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