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NZD/USD Follows Through on Outside Day Reversal

NZD/USD Follows Through on Outside Day Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Monthly

eliottWaves_nzd-usd_body_Picture_7.png, NZD/USD Follows Through on Outside Day Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-NZDUSD is trading at its best level since the month of the all-time high (August 2011…high was .8842). The last level of possible resistance from the high is .8760/90. A line that extends off of the 1996 and 2007 highs, and crosses through the 2008 and 2013 highs may have just called another top.

-The outside day reversal could indicate an important top. Wednesday’s follow through is a good sign for bears. Near term, the market could find support near .8520/45.

LEVELS: .8430 .8500 .8543 | .8590 .8635 .8669

--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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