NZD/USD on Line that Connects April and May Lows

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD on Line that Connects April and May Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Evidence continues to mount that the April top is one of significance. The 4/12 uncovered close was reached (less than 1 pip short to be specific) on completion of what appears to be a flat from the 4/15 low and weakness from .8585 is impulsive (5 waves).” Bears are knocking on the door…below .8362 would open up .8270 (2 equal legs from the high). Unemployment is tomorrow.

FOREXTrading Strategy: Staying short, risk can be moved down to .8590.

LEVELS: .8270 .8363 .8398 .8472 .8562 .8586

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