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NZD/USD Could Take out .8420 Before Reversing Lower

NZD/USD Could Take out .8420 Before Reversing Lower

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_nzd-usd_body_Picture_7.png, NZD/USD Could Take out .8420 Before Reversing Lower

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-The NZDUSD remains one of the more compelling longer term bearish possibilities. Consider that…

-The decline from the April high unfolded in 5 waves (impulsive), the advance from the August low is defined by converging lines (pennant, common in bear market advances) and action since 9/18 may compose a head and shoulders top.

-The near term advance is approaching a possible reversal point from the 11/6 high at .8414. .8414-/45 is of interest as resistance.

Trading Strategy: Nothing yet…I’m monitoring for setups on the short side from either slightly higher or below .8300.

LEVELS: .8220 .8265 .8329 | .8414 .8444 .8514

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

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