We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
NZD/USD Trades Above then Closes at Month Open

NZD/USD Trades Above then Closes at Month Open

2013-08-07 23:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Trades Above then Closes at Month Open

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: The NZDUSD rally from the 8/5 low relates to the rally from the 6/24 low by 61.8%, which is just above the month open (.7976). Price has been consolidating since June 11th. It’s impossible to know if the consolidation leads to a reversal or continuation of longer term weakness but based on the corrective rally from the June low, it’s best to favor the downside until proven wrong.

FOREXTrading Strategy: Pending short...wait and see if we get a Friday high to short.

LEVELS: .7735 .7818 .7917 .8016 .8053 .8105

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

DISCLOSURES

News & Analysis at your fingertips.