NZD/USD Takes out .7850; .7945-.8015 a Top Area?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: Wrote yesterday that “NZDUSD closed the gap open during European trading but an uncovered close remains at .7834. The underside of line that extends off of the July lows is now resistance as well. That line is at about .7850 on Tuesday.” NZDUSD didn’t respond to .7850 at all as price is near the 61.8% level of .7945. The rally from the June low is corrective which keeps bigger picture focus lower.
FOREXTrading Strategy: Covered first short early for 50 pip loss, swing trade lower could still work but I don’t like being short following a strong rally AFTER a gap down and fill. Would be looking for a top, if even for a top now near the 61.8% level at .7945 or the 78.6% level at .8016.
LEVELS: .7735 .7818 .7844 .7934 .7969 .8016