NZD/USD Near Term Structure Unclear but Resistance is .8350 if Reached
240 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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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