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NZD/USD Big Decline is Possible from Nearby

NZD/USD Big Decline is Possible from Nearby

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Big Decline is Possible from Nearby

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 5 wave decline from the April high suggests that the larger trend is down. A 3 wave advance may be complete from the June low.

-Price is little changed on a closing basis since 9/26. The current range is primarily .8225-.8325. Still, even a break above the range faces .8375/80 before the high. Weakness below .8190 would open up .7970/80.

Trading Strategy: Flat

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

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