NZD/USD Inside Day at Depressed Levels
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Action the last 3 days in the NZDUSD has been schizophrenic. Big down day…big up day…big down day. The action does fit the script of a 4th wave however. The channel for 4th wave estimation (black) is a good deal higher now but crosses .8212 next Monday (6/10). Like the AUDUSD, we must consider the possibility that tops are in place at yesterday’s high. If a top is in, then the range may tighten a bit before the next break. Resistance is .8050.
FOREXTrading Strategy: Flat
LEVELS: .7807 .7868 .7938 .8050 .8086 .8161