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NZD/USD Continues to Respond to Channel Support

NZD/USD Continues to Respond to Channel Support

2013-08-27 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Continues to Respond to Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The NZDUSD traded above the 6/14 high of .8136 last week before running into channel resistance and reversing sharply. A failed inverse head and shoulders breakout is a possibility. Failed breakouts can serve as decent patterns in their own right.” 60 serving as resistance in a bear market is on full display in NZDUSD. Since April, each top has been very near 60. The implications are bearish. Price continues to hold channel support, which could propel NZDUSD higher and a more drawn out correction of recent weakness.

FOREXTrading Strategy: Flat

LEVELS: .7682 .7736 .7760 .7835 .7890 .7933

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