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NZD/USD Inside Day after Key Reversal at 61.8% Retracement

NZD/USD Inside Day after Key Reversal at 61.8% Retracement

2013-03-28 21:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Inside Day after 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 yesterday and inside day 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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