NZD/USD on Channel; Break Opens up 2013 Low at .8161
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 .8362 and the trendline that extends off of the 2012 and 2013 lows. Weakness below the downward sloping channel that defines the drop from the April high would indicate that weakness is accelerating.
FOREXTrading Strategy: Staying short, against .8490, increase size above .8306.
LEVELS: .8052 .8161 .8209 .8306 .8359 .8417
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