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NZD/USD Slams into 20 Day Average

NZD/USD Slams into 20 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Slams into 20 Day Average

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.

-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, .7970, and .7994.

Trading Strategy: Watching AUDUSD to exceed its August high while NZDUSD fails to exceed its August high to trigger the next big sell signal.

LEVELS: .7792 .7839 .7875 | .7933 .7970 .7994

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

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