NZD/USD Outside Day Reversal at Important Market Level

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Outside Day Reversal at Important Market Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The NZDUSD remains capped by the underside of the line that extends off of the May 2010 and May 2012 lows (line is on red in chart above…it’s cleaner on the weekly) as well as a former trendline that originates in September 2012 and the 5/23 low. The former 4th wave extreme near .8150 is a level to keep in mind as resistance if price can break through.

FOREXTrading Strategy: Flat

LEVELS: .7749 .7808 .7885 .7957 .7988 .8011

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