NZD/USD Possibly Building Short Term Base for .8350 Run
240 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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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