NZD/USD .8052 Not Quite Reached

DailyFX

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD .8052 Not Quite Reached

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The NZDUSD is in a situation similar to that of the AUDUSD. Another low (drop below .8060) is possible but exceeding Tuesday’s high opens up .8260/71. Longer term downside interest remains .7914, .7806 and especially .7640/50. The latter level is a trendline intersection in mid-June and the 78.6% retracement.” Downside may be in the cards for another few days but the new low satisfies 5 waves down from .8585 (which is probably wave 3 of a 5 wave decline from .8675), which increases the risk of a bounce back towards .8212.

FOREXTrading Strategy: Moved from bearish to flat today.

LEVELS: .7807 .7914 .8052 .8117 .8212 .8271

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