NZD/USD Slams into 20 Day Average

DailyFX

4Hour

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.
eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Slams into 20 Day Average

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-On 8/30, NZDUSD closed beneath the line that extends off of lows from June and August before reversing on Monday. The false break may signal an important low just as the false break higher on 8/19 signaled an important top.

-The larger trend is down as per the 3 wave advance from the June low.

-Exceeding the 8/26 high of .7872 could complete a flat correction from the 8/23 low at .7761. Resistance is estimated at .7933, .7970, and .7994.

Trading Strategy: Watching AUDUSD to exceed its August high while NZDUSD fails to exceed its August high to trigger the next big sell signal.

LEVELS: .7792 .7839 .7875 | .7933 .7970 .7994

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