Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: “The NZDUSD decline since 5/21 is a choppy mess. That alone suggests that the decline is a diagonal. The ‘origin’ of the choppy mess is in line with the breakdown level of .8155 (December 2012 and March 2013 lows).” Price is well on its way to a full retracement of the diagonal and the area that probably produces the next top (.8155-.8212).
FOREXTrading Strategy: Looking for a pullback from nearby (maybe after above .8118)…will assess for a buy the dip scenario next week.
LEVELS: .7869 .7935 .8023 .8118 .8155 .8212