NZD/USD Bursts through Trendline; Rallies for 5th Day
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-The larger trend is probably down as per the 3 wave advance from the June low although.
-A push to a new high would not necessarily turn things bullish as price would face channel resistance, the 200 day average, and the 50% retracement of the decline from the April high.
Trading Strategy: Recent comment was “Watching AUDUSD to exceed its August high while NZDUSD fails to exceed its August high to trigger the next big sell signal.” Divergence is in place between the 2 rates as long as NZDUSD is below the August high. I am bearish against that level. Exit half at .7930 (9/4 high).
LEVELS: .7960 .8030 .8090 | .8162 .8212 .8271
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.