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NZD/USD Drops into .8310 Support; Near Term Uncertain

NZD/USD Drops into .8310 Support; Near Term Uncertain

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Drops into .8310 Support; Near Term Uncertain

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.

-A near term support zone is .8290-.8310. Price has dropped into the .8290-.8310 support zone. Estimated resistance is .8350.

Trading Strategy: A session or 2 below .8260 would have me on short setups in this pair. Until then, I’ll stick with Aussie pairs.

LEVELS: .8191 .8266 .8290 | .8350 .8378 .8435

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