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NZD/USD Could Test Low Before Reversing Sharply

NZD/USD Could Test Low Before Reversing Sharply

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Could Test Low Before Reversing Sharply

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Diagonals (wedges) are all the rage at the moment (GBPUSD and EURUSD). A final low for NZDUSD would probably complete a 5th wave diagonal from .8350 and give way to a sharp reversal back to .8350. .8155 is the December low and a level to watch for support.

FOREXTrading Strategy: Looking to buy below .8161 with stop on Friday close under .8100.

LEVELS: .7914 .8052 .8155 .8255 .8315 .8350

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