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NZD/USD Possible Bear Trap after Break from Tight Range

NZD/USD Possible Bear Trap after Break from Tight Range

2013-10-10 20:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Hourly

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Possible Bear Trap after Break from Tight Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Wrote yesterday that “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.”

-The break lower was probably a bear trap that serves as a springboard for a run at .8373-.8400.

Trading Strategy: Am currently short GBPNZD (triggered @ 1.9300) with a stop at 1.9370. Also in this for a break.

LEVELS: .8216 .8242 .8270 | .8317 .8376 .8435

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