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NZD/USD Divergence with AUD/USD Evident at Lows

NZD/USD Divergence with AUD/USD Evident at Lows

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_1_body_nzdusd.png, NZD/USD Divergence with AUD/USD Evident at Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The NZDUSD continues to chop sideways but the inability of price to make a new low with the AUDUSD on 6/28 and today is action typical at turns. However, the longer that the AUDUSD and NZDUSD fail to ‘rip higher’, the more I’m considering a triangle in NZDUSD. The implications in the event of a triangle are for a final low (maybe on NFP and maybe into .7650). “.7649 is the 78.6% retracement of the rally from the November 2011 low.”

FOREXTrading Strategy: Flat

LEVELS: .7649 .7682 .7749 .7806 .7860 .7898

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