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NZD/USD Tests Former Support from May 23 Low

NZD/USD Tests Former Support from May 23 Low

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Tests Former Support from May 23 Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The NZDUSD registered its highest close since 6/19 today as well. For the 3rd consecutive week, price is testing the underside of the line that extends off of the May 2010 and May 2012 lows. The former 4th wave extreme near .8150 is a level to keep in mind as resistance if price can break through. At the moment, price is pressing against the 5/23 low and parallel channel resistance (using the June low…the solid line uses the July low).

FOREXTrading Strategy: Flat

LEVELS: .7749 .7860 .7907 .8005 .8052 .8136

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

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