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NZD/USD Trades to 2 Week Low then Spends all Day Rallying

NZD/USD Trades to 2 Week Low then Spends all Day Rallying

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Trades to 2 Week Low then Spends all Day Rallying

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.

-After dropping below the 9/25 low and into a 2 week low during the Asian session, NZDUSD spent the rest of the day rallying, completely retracing the move. I’m wondering if the advance composes wave C of a flat. Watch for resistance near .8380.

Trading Strategy: Was triggered short last night at .8210 and got out at .8260 (was tweeted during the day). Monitoring for a short with .8375 in mind as entry. Also watching EURNZD for a higher low ahead of 1.6070. 1.6150-1.6220 of interest as support.

LEVELS: .8192 .8211 .8260 | .8350 .8376 .8435

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

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