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NZD/USD Blows Through August 2011 High

NZD/USD Blows Through August 2011 High

2013-04-11 21:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Blows Through August 2011 High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Recent comments were “it’s important to keep an eye on corrective channel resistance going forward. That level crosses the upper .8500s over the next few weeks. The August 31, 2011 high is at .8571. .8675 is the 88.7% (little known Fibonacci level).” The channel was reached today and the high today was the 88.7% level to the pip. Momentum is clearly strong but expect a reaction from here before renewed buying interest. Support is .8578-.8600.

FOREXTrading Strategy: Flat

LEVELS: .8474 .8533 .8578 .8875 .8762 .8842

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