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NZD/USD Slices Through July 2012 and Reverses

NZD/USD Slices Through July 2012 and Reverses

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Slices Through July 2012 and Reverses

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 down through 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. Above .7922 would increase confidence in a low.

FOREXTrading Strategy: Flat

LEVELS: .7670 .7760 .7821 .7922 .8005 .8060

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

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