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NZD/USD .8391-.8454 May Produce the Next Top

NZD/USD .8391-.8454 May Produce the Next Top

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD .8391-.8454 May Produce the Next Top

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Most recent comments were that “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).” .8350 proved to be minor resistance. The 61.8% retracement at .8391 was reached late today. Resistance extends to the 78.6% retracement at .8454.

FOREXTrading Strategy: Need to see the market respond up here before attempting a short. Levels of interest are .8433 and .8454.

LEVELS: .8220 .8279 .8334 .8391 .8454 .8533

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

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