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NZD/USD Outside Day Reversal at 3 Year Trendline

NZD/USD Outside Day Reversal at 3 Year Trendline

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Outside Day Reversal at 3 Year Trendline

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 huge outside day reversal today. The range of the bar is consistent with emotions found near market turns. The low occurred right at the trendline that extends off of the 2010 and 2012 lows and just below the September 2012 low. I’m inclined to look higher.

FOREXTrading Strategy: Flat

LEVELS: .7807 .7868 .7902 .8103 .8161 .8212

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