NZD/USD Near Term Picture is Jumbled; Sideways Market

DailyFX

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eliottWaves_nzd-usd_body_Picture_7.png, NZD/USD Near Term Picture is Jumbled; Sideways Market

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-NZDUSD completed a short term inverse head and shoulders earlier this week but the breakout failed. Dips continue to find support at near term trendline support (I don’t draw trendlines off of spikes…the NFP spike is highlighted in yellow).

-I can best describe this market as a short term uptrend within a longer term sideways trend.

Trading Strategy: Triggered long at .8240, stop .8190, target .8440

LEVELS: .8132 .8200 .8218 | .8267 .8329 .8367

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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