NZD/USD Decline Unfolding in Impulsive Manner
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-The 161.8% expansion of the 8/19-8/30 decline at .8436 served as resistance last week.
-A doji (one bar pattern in which close=open) unfolded today on a larger than average (5 and 10 day ATRs) range on Thursday and an inside day unfolded on Friday. The combination composes a turn warning.
-The decline from .8435 is unfolding in an impulsive manner (5 waves). Price has also completely retraced the ‘no taper’ advance.
Trading Strategy: Order to go short at .8290, stop .8395, target .8080.
LEVELS: .8133 .8162 .8205 | .8296 .8350 .8376
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.