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NZD/USD Huge Trendline Intersection Near .7650

NZD/USD Huge Trendline Intersection Near .7650

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Huge Trendline Intersection Near .7650

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Was totally wrong on the long side as the NZDUSD is at new lows. The intersection of 2 long term trendlines intersects just below .7650 next week. .7649 is the 78.6% retracement of the rally from the November 2011 low. Near term, a 4th wave rally may carry to .7840 (38.2% of wave 3) before the new lows are registered.

FOREXTrading Strategy: Flat

LEVELS: .7648 .7760 .7821 .7900 .7947 .8040

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