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NZD/USD Rejected by 61.8% Retracement

NZD/USD Rejected by 61.8% Retracement

2013-04-24 22:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Rejected by 61.8% Retracement

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The near term NZDUSD pattern has been clean. A flat is either complete or close to complete. Today’s top is right at the 61.8% retracement of the decline from .8675 but I’m not ruling out another run at the uncovered close from 4/12 at .8586 (close to the 78.6% retracement at .8608) along with the final topping in the S&P.

FOREXTrading Strategy: Looking to sell near .8600…if we don’t get then will look to sell next week.

LEVELS: .8398 .8455 .8490 .8526 .8574/86 .8608

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