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NZD/USD Current Level is Probably Strong Resistance

NZD/USD Current Level is Probably Strong Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Current Level is Probably Strong Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Wrote in the last update that – “the break lower was probably a bear trap that serves as a springboard for a run at .8373-.8400.” This zone has been reached but it may be time to look lower again because…

-Weakness from the Sep high is impulsive (5 waves). The advance from the 10/2 low would consist of 2 equal waves at .8389 (common corrective relationship). A channel confluence reinforces resistance.

Trading Strategy: Order to go short at .8388, stop .8440, target open for now.

LEVELS: .8231 .8266 .8310 | .8389 .8435 .8480

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

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