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NZD/USD Resistance Eyed Near .8330

NZD/USD Resistance Eyed Near .8330

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Resistance Eyed Near .8330

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 traded to a new low for the month on Wednesday (by 1 pip) before making a key reversal.

-A flat correction may be complete from .8212 (10/30 low at midnight (NY)).

Trading Strategy: The rally from the low would consist of 2 equal waves at .8327. I’m on the lookout for a top near that level.

LEVELS: .8162 .8191 .8248 | .8330 .8356 .8394

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

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