NZD/USD Could Take out .8420 Before Reversing Lower
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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
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