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NZD/USD Possibly Building Short Term Base for .8350 Run

NZD/USD Possibly Building Short Term Base for .8350 Run

2013-03-19 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Possibly Building Short Term Base for .8350 Run

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The NZDUSD has completely retraced last Wednesday’s RBNZ decline which fits with a larger correction of the decline from the February top. The .8200 level has served as support since late February on several occasions. Trading above .8280 would complete a short term bullish base and shift focus towards at least .8350 (former resistance and 50% retracement).

FOREXTrading Strategy: Short term traders may wish to trade from long side IF price exceeds .8280 with targets at .8350 and .8400. I’m waiting to sell a secondary top…ideally near .8400.

LEVELS: .7914 .8052 .8155 .8285 .8350 .8391

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