NZD/USD Spikes into Bottom of Resistance Zone
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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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.
LEVELS: .7847 .7904 .7943 .8012 .8038 .8077
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