NZD/USD Working on Full Retracement of 7/25 Rally
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Interested in automated trading with Mirror Trader?
FOREXAnalysis: Wrote last week that “the NZDUSD advance is the second largest of the year (behind 6/3, which was quickly retraced) and price has spiked through a steep upward sloping channel. Viewed in the proper context (impulsive declines from the 2011 and 2013 highs), the rally presents a golden opportunity to short.” Weakness is unfolding in an impulsive manner, which reinforces the bearish bias.
FOREXTrading Strategy: Bias remains short below .8110-I covered today but would short more into .8035.
LEVELS: .7847 .7904 .7943 .8012 .8038 .8077
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.