NZD/USD Rebound within Context of Larger Topping Process

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Rebound within Context of Larger Topping Process

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The NZDUSD is one of the more compelling longer term bearish possibilities. Consider that…

-The decline from the April high unfolded in 5 waves (impulsive), the advance from the August low is defined by converging lines (pennant, common in bear market advances) and action since 9/18 may compose a head and shoulders top.

Trading Strategy: Currently short. Stop is .8300. Target half at .8130 (uncovered close is at .8121).

LEVELS: .8104 .8168 .8211 | .8287 .8306 .8348

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