NZD/USD Channel Underside is Resistance Near .8200

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Channel Underside is Resistance Near .8200

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote Friday that “there is additional downside although the current level (November 2012 low and internal trendline) is one that may produce a bounce. Near term resistance is difficult to hone in on at this point so all I can do is point to a zone from .8138 to .8228 with the strongest part of that zone .8174-.8208. Of interest on the downside is .7914, .7806 and especially .7640/50. The latter level is a trendline intersection in mid-June and the 78.6% retracement.” The NZDUSD has reached what is thought to be the ‘strongest part of that zone’.

FOREXTrading Strategy: Bias is still short…against .8275. Already at resistance so shorts are warranted again.

LEVELS: .7914 .8052 .8122 .8208 .8271 .8350

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