NZD/USD Breaks Through Trendline Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: I wrote yesterday that “NZDUSD divergence with AUDUSD has marked a low…the extent of which we do not know though.” The burst through trendline resistance suggests that the low lasts for a while. The first resistance zone is probably .8040/60.
FOREXTrading Strategy: Look higher but I actually like being long AUDUSD for the ‘snapback’ trade. The NZDUSD decline from April is impulsive and we should see a good deal of it retraced but the volatility pales in comparison to AUDUSD.
LEVELS: .7749 .7782 .7857 .8000 .8040/60 .8135
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