NZD/USD Trades Above then Closes at Month Open
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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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.