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NZD/USD .8380 and .8126 are Levels to Fade

NZD/USD .8380 and .8126 are Levels to Fade

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_nzd-usd_body_Picture_7.png, NZD/USD .8380 and .8126 are Levels to Fade

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-NZDUSD has responded to resistance above .8400. The 1/14 high is just shy of the 9/19 and 10/24 highs at .8435/45.

-Longer term trend remains sideways, possibly within the confines of a triangle (since 2011). In general, the market has entered longer term resistance (highs in March 2012, December 2012, February 2013, and October 2013 are from .8471 to .8543). The pattern probably explains why NZDUSD isn’t doing much at the moment.

LEVELS: .8132 .8212 .8230 | .8277 .8302 .8345

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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

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