NZD/USD Ends Day at Month Open



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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Ends Day at Month Open

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The NZDUSD traded above the 6/14 high of .8136 on Monday before running into channel resistance and reversing sharply. A failed inverse head and shoulders breakout is a possibility. Failed breakouts can serve as decent patterns in their own right. Tuesday’s decline spiked below the month open before price settled right at the level.

FOREXTrading Strategy: The 8/13 low may offer some support. If it does, then any strength may offer an opportunity to short. Resistance is probably strongest at .8050/60.

LEVELS: .7785.7865 .7933 .8003 .8062 .8142

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