NZD/USD Trades Through .8000 but Below Monday High
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: “The NZDUSD 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.” Like the AUDUSD, a deeper setback is likely even if an important low is in place.
FOREXTrading Strategy: Short from .8005, stop .8060, target half .7825
LEVELS: .7735 .7818 .7961 .8057 .8077 .8105