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NZD/USD Nearing Early Month Low; Bearish on Bounces

NZD/USD Nearing Early Month Low; Bearish on Bounces

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Nearing Early Month Low; Bearish on Bounces

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-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.

-Price has nearly reached the 10/10 low. The early month low is .8192. This region is support for a bounce.

Trading Strategy: Order to short NZDUSD in halves at .8350 and .8380 with a .8450 stop. Target half at .8100. Watch in conjunction with AUDUSD. A push above .8332 (Monday high in NZDUSD) that is not joined w

By an AUDUSD push above .9621 (Monday high) is the type of divergence to look for when entering trades.

LEVELS: .8162 .8193 .8230 | .8300 .8350 .8380

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