NZD/USD Trade Setup Playing Out
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: “The push lower in NZDUSD on Friday probably completed 5 waves down from .8533. The implications are for a corrective rally back towards .8400/40 before the next leg lower (NZDUSD is about a week behind AUDUSD at this point).”
FOREXTrading Strategy: Wrote yesterday that “want to be long ahead of RBNZ on Wednesday. Some turnaround Tuesday would present an opportunity to buy. .8240/50 is support.” The bird found support just under the estimated support zone at .8231. I’m looking higher as long as price is above Friday’s low (.8186).
LEVELS: .8155 .8187 .8214 .8349 .8403 .8440
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