NZD/USD Key Reversal at Trendline Support

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Key Reversal at Trendline Support

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 last week 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.” Near term, price continues to hold channel support. Today’s key reversal after a failed run at the August low gives scope to a near term low.

FOREXTrading Strategy: Flat

LEVELS: .7682 .7736 .7760 .7835 .7890 .7933

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