NZD/USD Key Reversal at 61.8% Retracement
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The NZDUSD formed a key reversal today, at the 61.8% retracement of the decline from the February high. The line that extends off of the November and December lows served as resistance in early March and did so again today. .8416/40 is resistance in the event of additional gains.
FOREXTrading Strategy: Short side might work here but prefer AUDUSD; which has been leading at turns (AUDUSD topped on 1/10, NZDUSD topped on 2/15, AUDUSD bottomed on 3/4, NZDUSD bottomed on 3/13).
LEVELS: .8220 .8279 .8334 .8391 .8454 .8533
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