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NZD/USD Nears 3 Year Trendline and Big Fibonacci Level

NZD/USD Nears 3 Year Trendline and Big Fibonacci Level

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Nears 3 Year Trendline and Big Fibonacci Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The NZDUSD made a new low but is holding up better than the AUDUSD. The decline since 5/21 has been choppy, overlapping, and characterized by waning momentum (could be a diagonal from that level). The 61.8% retracement of the advance from the November 2011 low is at .7868 and the trendline that extends off of the 2010 and 2012 lows is just below the current level. The combination of these supports and a possible ending diagonal warn of a low.

FOREXTrading Strategy: Flat

LEVELS: .7807 .7868 .7938 .8008 .8086 .8161

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