NZD/USD Registers 2013 Low; Closes Below Channel Again

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Registers 2013 Low; Closes Below Channel Again

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Evidence continues to mount that the April top is one of significance. The 4/12 uncovered close was reached (less than 1 pip short to be specific) on completion of what appears to be a flat from the 4/15 low and weakness from .8585 is impulsive (5 waves).” Weakness below the downward sloping channel suggests that the drop from the April high is accelerating. The underside of this line is now estimated resistance near .8233 on Thursday.

FOREXTrading Strategy: Big picture bias is still short…against .8370. Looking to short near term however at.8205 with a .8275 stop for continuation towards .8055.

LEVELS: .7914 .8052 .8161 .8255 .8287 .8350

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