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NZD/USD Resistance is Stronger above .8200

NZD/USD Resistance is Stronger above .8200

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Resistance is Stronger above .8200

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Friday’s NZDUSD drop was completely retraced today. Price faces resistance from the underside of a former channel but that resistance is probably minor at this point. Like the AUDUSD, the NZDUSD rally from the low may compose a 4th wave advance. The channel for 4th wave estimation (black) is a good deal higher now but crosses .8212 next Monday (6/10). A push through .8118 probably completes the first of 3 waves higher from the low.

FOREXTrading Strategy: Flat

LEVELS: .7938 .8002 .8049 .8124 .8162 .8212

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