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NZD/USD Pops and Drops as Month Low is in Focus

NZD/USD Pops and Drops as Month Low is in Focus

2013-08-29 23:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Pops and Drops as Month Low is in Focus

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.” Near term, price continues to trade around channel support. Wednesday’s key reversal was followed by a nasty Thursday in which price rallied early and fell apart late.

FOREXTrading Strategy: Flat

LEVELS: .7537 .7682 .7736 .7785 .7839 .7872

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