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NZD/USD False Bullish Breakout Possibility

NZD/USD False Bullish Breakout Possibility

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD False Bullish Breakout Possibility

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-NZDUSD traded to its highest level since 5/16. The high was made during the first hour of trade on Sunday.

-Price traded through parallel channel resistance intraday before closing below the line. The same can be said of the 200 day average and where the rally from the June low would consist of 2 equal waves.

-Gaps have triggered exhaustion of moves in recent months. The 8/5 low occurred during the first hour of trading on a Sunday after a gap down. The bull trend this month began after the 9/2 gap higher. An uncovered close remains at .7720 (8/30).

Trading Strategy: Flat

LEVELS: .8036 .8090 .8133 | .8200 .8258 .8317

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

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