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NZD/USD Follows Through on Big Down Day; Sell Rallies

NZD/USD Follows Through on Big Down Day; Sell Rallies

2013-10-24 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Follows Through on Big Down Day; Sell Rallies

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-NZDUSD has broken 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: Wrote yesterday that “a close under the trendline and run at .8350 would put me in ‘sell rallies’ mode, specifically into the underside of the broken trendline.” Order to short NZDUSD in halves at .8380 and .8415 (average .83975) with a .8450 stop. Target half at .8200. EURNZD and NZDJPY are of interest as well.

LEVELS: .8230 .8305 .8340 | .8370 .8435 .8457

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