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NZD/USD Support Surrounds .7900

NZD/USD Support Surrounds .7900

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Support Surrounds .7900

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).” Price is well on its way to a full retracement of the diagonal and the area that probably produces the next top (.8155-.8212). A support zone is identified at .7867-.7927. The 61.8% retracement of the advance from .7760 sits within this zone at .7903.

FOREXTrading Strategy: Order to go long .7875, stop .7755, target .8210

LEVELS: .7867 .7903 .7948 .8118 .8155 .8212

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