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NZD/USD Near Term Channel and Fibonacci Define Resistance

NZD/USD Near Term Channel and Fibonacci Define Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Near Term Channel and Fibonacci Define Resistance

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 has so far marked the top.

-The rally from .8216 is contained within a corrective channel and would consist of 2 equal legs at .8349. This is in line with the 61.8% retracement at .8351.

Trading Strategy: Was trailed out of short at breakeven. Looking for resistance at .8350.

LEVELS: .8162 .8205 .8241 | .8350 .8376 .8435

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

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