NZD/USD Holds Tight Range

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Holds Tight 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 last week.

-A doji (one bar pattern in which close=open) unfolded today on a larger than average (5 and 10 day ATRs) range on Thursday and an inside day unfolded on Friday. The combination composes a turn warning.

Trading Strategy: Below .8205 (pre-Fed level) would suggest that a top is in place and that the larger bear has resumed. Until then, shorts are against the grain.

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

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