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NZD/USD Turning the Corner

NZD/USD Turning the Corner

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Turning the Corner

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: “The NZDUSD traded above the 6/14 high of .8136 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.” Last week, price closed beneath the line that extends off of lows from June and August before reversing this week. This latest false break may signal an important low just as the false break higher on 8/19 signaled an important top.

FOREXTrading Strategy: Flat

LEVELS: .7682 .7718 .7791 .7872 .7951 .8066

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

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