NZD/USD Former Support and Internal Trendline Serving as Resistance

DailyFX

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.
eliottWaves_nzd-usd_body_Picture_7.png, NZD/USD Former Support and Internal Trendline Serving as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-NZDUSD gapped higher to begin Dec. Monday’s rally faced resistance just above .8200. This area was support on occasions in Sep, Oct, and Nov. The internal trendline also seemed to exert downside pressure.

-A 2 month head and shoulders top is confirmed. The pattern’s objective is .7840.

Trading Strategy: Latest short was triggered at .8150 with a stop at .8215 so current bias is flat but I’m monitoring setups in NZDJPY and GBPNZD.

LEVELS: .8030 .8075 .8132 | .8210 .8275 .8308

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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