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NZD/USD Trendline Intersection Still of Interest

NZD/USD Trendline Intersection Still of Interest

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_1_body_nzdusd.png, NZD/USD Trendline Intersection Still of Interest

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The intersection of 2 long term trendlines intersects just below .7650 this week. .7649 is the 78.6% retracement of the rally from the November 2011 low. Like the AUDUSD, recent action may compose a 4th wave correction that needs to complete before the new and final lows are registered. In fact, exceeding .7806 could complete a flat from the 6/20 low. Estimated resistance is .7840 (38.2% of wave 3).

FOREXTrading Strategy: Flat

LEVELS: .7648 .7705 .7749 .7806 .7840 .7898

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