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NZD/USD Friday High Could Complete Near Term Advance

NZD/USD Friday High Could Complete Near Term Advance

2013-09-05 23:30:00
Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Friday High Could Complete Near Term Advance

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 signaled 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 .7920 would make 5 waves from .7719 and possibly 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 .7869 | .7933 .7970 .7994

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

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