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NZD/USD Inside Day at Depressed Levels

NZD/USD Inside Day at Depressed Levels

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Inside Day at Depressed Levels

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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

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