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NZD/USD Trade Setup Playing Out

NZD/USD Trade Setup Playing Out

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Trade Setup Playing Out

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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

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