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NZD/USD Pennant Pattern From June Low a Possibility

NZD/USD Pennant Pattern From June Low a Possibility

2013-10-23 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Pennant Pattern From June Low a Possibility

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-NZDUSD has declined to test the line that extends off of the August and 10/10 lows. Like AUDUSD, the advance from the YTD low forms converging lines which is consistent with a bear market rally.

Trading Strategy: The reversal comes before the well-defined .8555/85 zone. A close under the trendline and run at .8350 would put me in ‘sell rallies’ mode, specifically into the underside of the broken trendline. Until then, stay with EURNZD as the trade.

LEVELS: .8230 .8305 .8350 | .8414 .8450 .8495

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