NZD/USD at Lows but Momentum Unimpressive

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD at Lows but Momentum Unimpressive

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The NZDUSD traded within 15 pips of the July 2012 low before reversing and closing near the high for the day. RSI is divergent with the new price low (higher low in RSI) and this divergence is what I term ‘reliable divergence’ as RSI is > 30. The combination of a big technical level and the momentum profile warn of a low. 5 waves up are visible from the low, which increases confidence in the call for a turn.

FOREXTrading Strategy: Flat

LEVELS: .7670 .7753 .7807 .8030 .8103 .8161

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