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NZD/USD .8555 and .8585 are Possible Reversal Points

NZD/USD .8555 and .8585 are Possible Reversal Points

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD .8555 and .8585 are Possible Reversal Points

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: An inside day reversal setup has been succeeded by an outside day setup. Still, it’s all about price. Stay focused on .8555/85 as a possible reversal area. The short opportunity might come on a break of trendline support.

LEVELS: .8405 .8437 .8477 | .8555 .8585 .8630

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