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NZD/USD Responds to Channel Confluence; Downside Favored

NZD/USD Responds to Channel Confluence; Downside Favored

2013-10-15 20:22:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Responds to Channel Confluence; Downside Favored

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-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.

-The NZDUSD is not confirming the AUDUSD push through its Sep high. This divergence is typical at market turns.

Trading Strategy: Triggered short at .8388, stop is .8440. Target half at .8315.

LEVELS: .8231 .8266 .8310 | .8385 .8435 .8480

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