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NZD/USD 5th Day Up; .8585 is a Huge Level in this Market

NZD/USD 5th Day Up; .8585 is a Huge Level in this Market

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD 5th Day Up; .8585 is a Huge Level in this Market

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-NZDUSD is approaching a significant market level in .8585, the 4/12 close (that was a Friday and the market gapped down the next Monday, enduring the largest 1 day decline since 11/9/11), and 4/30 high.

-A near term change in trend would occur on a drop below .8370. Until then, focus is on.8585.

Trading Strategy: If going to fight what may turn out to be an emotional reversal, then consider EURNZD.

At least you’ve got some EURUSD breakout wind at your back.

LEVELS: .8370 .8415 .8435 | .8503 .8555 .8585

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

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