NZD/USD Cracks 2012 Trendline; .8360 Holding For Now
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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).” The NZDUSD has broken the trendline that extends off of the 2013 lows but needs to take .8362 in order to open up .8270 (2 equal legs from the high). Unemployment is today. .8420/50 is resistance in the event of a positive reaction.
FOREXTrading Strategy: Staying short, risk can be moved down to .8590.
LEVELS: .8210 .8270 .8360 .8412 .8465 .8562
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