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NZD/USD Trades Through Minor Pivot High; Faces Trendline

NZD/USD Trades Through Minor Pivot High; Faces Trendline

2013-07-09 23:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_nzd-usd_1_body_nzdusd.png, NZD/USD Trades Through Minor Pivot High; Faces Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: NZDUSD divergence with AUDUSD has marked a low…the extent of which we do not know though. Recent comments noted that “the inability of price to make a new low with the AUDUSD on 6/28 and on 7/3 is action typical at turns. A triangle is also possible although above .7860 would eliminate that pattern.” Price has traded through .7860 although price still faces the 2-4 line (line that connects the ends of waves 2 and 4). The AUDUSD still needs to trade through .9252 in order to confirm the July high.

FOREXTrading Strategy: Flat

LEVELS: .7761 .7782 .7819 .7895 .7947 .8005

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

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