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NZD/USD Pressing Confluence of Technical Levels

NZD/USD Pressing Confluence of Technical Levels

2013-04-01 20:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Pressing Confluence of Technical Levels

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The NZDUSD formed a key reversal last Wednesday and inside day on Thursday at the 61.8% retracement of the decline from the February high. The technical combination could be nothing more than congestion before another bull move but my interest is piqued as a bear given the line that extends off of the November and December lows. That line served as resistance in early March. .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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