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NZD/USD Decline Unfolding in Impulsive Manner

NZD/USD Decline Unfolding in Impulsive Manner

2013-09-25 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_nzd-usd_body_nzdusd.png, 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

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