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NZD/USD Trade Setup Within Potentially Larger Top

NZD/USD Trade Setup Within Potentially Larger Top

2013-05-02 00:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Trade Setup Within Potentially Larger Top

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Evidence continues to mount that the April top is one of significance. The 4/12 uncovered close was reached (less than 1 pip short to be specific) on completion of what appears to be a flat from the 4/15 low and weakness from .8585 is impulsive (5 waves). Near term resistance is estimated at .8514 and .8541. Over the years, I’ve come to respect the NZDUSD for its unwillingness to adhere to even the cleanest short term wave pattern. While evidence certainly suggests that .8585 will not be exceeded, the significance of this top warrants a looser leash.

FOREXTrading Strategy: Saying short against .8680…will add if a short term head and shoulders continuation unfolds.

LEVELS: .8363 .8398 .8455 .8514 .8541/62 .8608/30

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