NZD/USD Trying to Punch Through Massive Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“A possible zone of resistance now is .8725/40 (161.8% extension and 5/6 close) but keep August 1st in mind, which is the date of the record free float high in 2011.” NZDUSD traded into the mentioned zone and responded but the pullback was minor and NZDUSD is trading pips from its best level since August 2011. Above .8842 (August 2011 high) would open up 2 equal legs from the 2000 low at .9208. The 6/25 outside day low is now the pivot.
LEVELS: .8672 .8699 .8740 | .8779 .8801 .8842
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