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NZD/USD Break above .8310 Triggers Upside Pressure

NZD/USD Break above .8310 Triggers Upside Pressure

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Break above .8310 Triggers Upside Pressure

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 last Wednesday (by 1 pip) before making a key reversal.

-The push above .8310 turns the near term picture positive. That level (.8310) is now estimated support.

Trading Strategy: Flat

LEVELS: .8266 .8310 .8350 | .8435/45 .8502 .8543

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