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NZD/USD at Lows but Momentum Unimpressive

NZD/USD at Lows but Momentum Unimpressive

2013-06-10 23:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD at Lows but Momentum Unimpressive

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The NZDUSD traded within 15 pips of the July 2012 low before reversing and closing near the high for the day. RSI is divergent with the new price low (higher low in RSI) and this divergence is what I term ‘reliable divergence’ as RSI is > 30. The combination of a big technical level and the momentum profile warn of a low. 5 waves up are visible from the low, which increases confidence in the call for a turn.

FOREXTrading Strategy: Flat

LEVELS: .7670 .7753 .7807 .8030 .8103 .8161

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

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