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NZD/USD .7760 is Near Term Estimated Support

NZD/USD .7760 is Near Term Estimated Support

2013-09-03 00:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD .7760 is Near Term Estimated Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-On 8/30, NZDUSD closed beneath the line that extends off of lows from June and August before reversing on Monday. The false break may signal an important low just as the false break higher on 8/19 signaled an important top.

-Price tagged the 8/29 high at .7839 on Tuesday before pulling back.

-The larger trend is down as per the 3 wave advance from the June low.

-Exceeding the 8/26 high of .7872 could complete a flat correction from the 8/23 low at .7761. Resistance is estimated at .7933.

Trading Strategy: Pullback into .7740/60 could complete short term pullback before a run on .7872.

LEVELS: .7718 .7740 .7760 | .7839 .7872 .7933

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