NZD/USD .8240/65 is Estimated Resistance
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)
-A head and shoulders top was confirmed last week. Resistance is estimated from .8190 to .8265.
Trading Strategy: NZDUSD has entered the resistance zone. Near term charts warn of another push, perhaps into .8240/65. Sit tight.
LEVELS: .8075 .8103 .8139 | .8242 .8276 .8309
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.