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NZD/USD Holding Up So Far; Trendline at .8300 Tomorrow

NZD/USD Holding Up So Far; Trendline at .8300 Tomorrow

2013-05-09 23:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Holding Up So Far; Trendline at .8300 Tomorrow

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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). The trendline that extends off of the 2012 and 2013 lows is at .8300 Friday.

FOREXTrading Strategy: Staying short, risk is moved down to .8500.

LEVELS: .8210 .8270 .8360 .8422 .8480 .8522

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