NZD/USD Doji on Larger Than Average Range

DailyFX

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Doji on Larger Than Average Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The 161.8% expansion of the 8/19-8/30 decline at .8436 served as resistance today.

-A doji (one bar pattern in which close=open) unfolded today on a larger than average (5 and 10 day ATRs) range. The larger than average range condition qualifies the pattern as meaningful. A similar pattern occurred on 6/24 (yearly low)

-21 day RSI is at 69. This is the highest reading since 4/11/13 (yearly high)

Trading Strategy: Below .8205 (pre-Fed level) would suggest that a top is in place and that the larger bear has resumed.

LEVELS: .8205 .8247 .8317 | .8436 .8480 .8575

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