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NZD/USD-Eventual Break from Tight Range May be a Trap

NZD/USD-Eventual Break from Tight Range May be a Trap

2013-10-09 20:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Hourly

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD-Eventual Break from Tight Range May be a Trap

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.

-The short term range is.8270-.8325. It’s not uncommon for small range breaks to prove false (in other words-a spike through one side of the range, reversal and move the other way). A break above the range faces .8375/80 before the high. Weakness below .8270 would open up .8247 or .8216.

Trading Strategy: GBPNZD is a short on strength into 1.9300.

LEVELS: .8216 .8247 .8270 | .8350 .8376 .8435

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

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