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NZD/USD Reaches 20 Day Midpoint

NZD/USD Reaches 20 Day Midpoint

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Reaches 20 Day Midpoint

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The NZDUSD decline since 5/21 is a choppy mess. That alone suggests that the decline is a diagonal. The ‘origin’ of the choppy mess is in line with the breakdown level of .8155 (December 2012 and March 2013 lows). .7970 is support.

FOREXTrading Strategy: Order to go long at .7870, stop .7755, target .8160. Watch NZDUSD with AUDUSD tonight especially. A new low in AUDUSD while the NZDUSD is above its high could signal a low.

LEVELS: .7760 .7869 .7922 .8060 .8103 .8155

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