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NZD/USD .8190 Break Would Confirm Topping Pattern

NZD/USD .8190 Break Would Confirm Topping Pattern

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD .8190 Break Would Confirm Topping Pattern

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.

-Friday’s close was the lowest since 9/25. A break below .8190 would complete a nearly 2 month head and shoulders top. Price would quickly encounter the 9/13 uncovered close at .8133.

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.” I am monitoring for short setups…stay tuned to Twitter @JamieSaettele.

LEVELS: .8103 .8133 .8191 | .8282 .8344 .8377

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