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NZD/USD Key Reversal at 61.8% Retracement

NZD/USD Key Reversal at 61.8% Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Key Reversal at 61.8% Retracement

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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

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