NZD/USD Levitates Towards Highs

DailyFX

Weekly Candles

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Levitates Towards Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The recent rally brings some clarity to the recent NZDUSD pattern. The advance from the 3/13 low now consists of 5 waves, and perhaps as wave C of a flat from the 3/4 low. The ‘tell’ that the pattern is a flat (and therefore corrective rather than the beginning of a new rally) is the 3 wave decline from the 3/6 high. A 3 wave move rarely completes the larger move and is therefore viewed as part of an ongoing correction. Near term resistance extends to the December high at .8475. Another interesting tidbit; the 2012 high (up until December) was made in February (2/29) and the secondary or lower high was made in April (4/13).”

FOREXTrading Strategy: Flat

LEVELS: .8209 .8305 .8395 .8533 .8572 .8676

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