NZD/USD Probing Underside of Former Long Term Trendline Support

DailyFX

Weekly

View photo

.
eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Probing Underside of Former Long Term Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: The NZDUSD registered its highest close since 6/18 today. For the 3rd consecutive week, price is testing the underside of the line that extends off of the May 2010 and May 2012 lows. The former 4th wave extreme near .8150 is a level to keep in mind as resistance if price can break through but I’m wary of the upside as long as AUDUSD fails to confirm NZDUSD strength.

FOREXTrading Strategy: Flat

LEVELS: .7749 .7860 .7907 .7989 .8052 .8136

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)