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NZD/USD RBNZ Reaction May Present Opportunity

NZD/USD RBNZ Reaction May Present Opportunity

2013-04-23 22:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD RBNZ Reaction May Present Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: “The NZDUSD decline stopped just shy of the 61.8% retracement of the rally from the March low, at .8358. .8350/60 is defined by the September 2012 high (circled on left of chart), 3/6 high and series of lows throughout late March and early April. The level is probably support. That said, the decline from the high is impulsive and originated at an important level (channel resistance and 88.7% Fibonacci). .8530, the 50% retracement of the decline and 2/15 high, is estimated resistance.”

FOREXTrading Strategy: Looking to short above .8509, the RBNZ rally is a good start for wave C of a flat (flat pattern area is circled on right side of chart).

LEVELS: .8278 .8306 .8349 .8459 .8509 .8484

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