NZD/USD Reaches 20 Day Midpoint
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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
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