NZD/USD Levitates Towards Highs
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: “The recent rally brings some clarity to the recent NZDUSD pattern. The advance from the 3/13 low now consists of 5 waves, and perhaps as wave C of a flat from the 3/4 low. The ‘tell’ that the pattern is a flat (and therefore corrective rather than the beginning of a new rally) is the 3 wave decline from the 3/6 high. A 3 wave move rarely completes the larger move and is therefore viewed as part of an ongoing correction. Near term resistance extends to the December high at .8475. Another interesting tidbit; the 2012 high (up until December) was made in February (2/29) and the secondary or lower high was made in April (4/13).”
FOREXTrading Strategy: Flat
LEVELS: .8209 .8305 .8395 .8533 .8572 .8676
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