NZD/USD Sold on the Rally
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) and structural resistance held on Thursday at .8300. Price has also completely retraced the ‘no taper’ advance.
Trading Strategy: Triggered short at .8290, stop .8395, target .8080.
LEVELS: .8162 .8205 .8235 | .8300 .8350 .8376
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