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NZD/USD Near Term Structure Unclear but Resistance is .8350 if Reached

NZD/USD Near Term Structure Unclear but Resistance is .8350 if Reached

2013-03-18 23:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Near Term Structure Unclear but Resistance is .8350 if Reached

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: I wrote last update that we “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.” That low never materialized with the NZDUSD instead completely retracing last Wednesday’s RBNZ decline. A larger correction of the decline from the February top may be underway.

FOREXTrading Strategy: Flat

LEVELS: .7914 .8052 .8155 .8315 .8350 .8416

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