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NZD/USD Strength Remains a Sale

NZD/USD Strength Remains a Sale

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Strength Remains a Sale

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).” I wrote yesterday that “weakness below the downward sloping channel suggests that the drop from the April high is accelerating. The underside of this line is now estimated resistance near .8250 on Wednesday.” The NZDUSD responded to .8250 but has yet to separate from the line. Respect potential for a healthier bounce into .8287.

FOREXTrading Strategy: I exited the short today but the bias is still short…now against .8370. Looking to short again at .8287.

LEVELS: .7914 .8052 .8161 .8255 .8287 .8350

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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