NZD/USD Bursts through Trendline; Rallies for 5th Day

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Bursts through Trendline; Rallies for 5th Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-NZDUSD remains below its August high, failing to confirm the AUDUSD push above its August high.

-The larger trend is probably down as per the 3 wave advance from the June low although.

-A push to a new high would not necessarily turn things bullish as price would face channel resistance, the 200 day average, and the 50% retracement of the decline from the April high.

Trading Strategy: Recent comment was “Watching AUDUSD to exceed its August high while NZDUSD fails to exceed its August high to trigger the next big sell signal.” Divergence is in place between the 2 rates as long as NZDUSD is below the August high. I am bearish against that level. Exit half at .7930 (9/4 high).

LEVELS: .7960 .8030 .8090 | .8162 .8212 .8271

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