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NZD/USD Near Term Bottoming Pattern but Trendline Needs to Give

NZD/USD Near Term Bottoming Pattern but Trendline Needs to Give

2013-12-09 20:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_nzd-usd_body_Picture_7.png, NZD/USD Near Term Bottoming Pattern but Trendline Needs to Give

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-NZDUSD has traded into the trendline that extends off of the Oct and Nov highs. Price also completed a short term head and shoulders pattern (from 11/22). The target for the pattern is .8445, which is in line with the 10/23 high.

Trading Strategy: Order to go long at .8240, stop .8190, target .8440

LEVELS: .8139 .8205 .8230 | .8300 .8367 .8414

--- 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.

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