Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-NZDUSD weakness from the July high is impulsive, which suggests that an important high is in place. 5 waves down also warn of a rally attempt. The current level, defined by the 200 DMA and trendline support, is a good place for that rally attempt to take place. Above .8534 is needed in order to suggest that at least a minor low is in place but continue to look lower as long as price is below that level. Exceeding .8534 would shift focus to .8650.
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