NZD/USD Responds to Channel Underside

DailyFX

4Hour

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.
eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Responds to Channel Underside

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The NZDUSD is in a situation similar to that of the AUDUSD. Another low (drop below .8060) is possible but exceeding Tuesday’s high opens up .8260/71. Longer term downside interest remains .7914, .7806 and especially .7640/50. The latter level is a trendline intersection in mid-June and the 78.6% retracement.

FOREXTrading Strategy: Still bearish but now against .8215 (Tuesday high) and only looking for a drop into .8060 before what will probably be a multi week bounce. Above .8215 would shift focus to .8260/71.

LEVELS: .7914 .8052 .8122 .8208 .8271 .8350

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