NZD/USD Slices Through July 2012 and Reverses

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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Slices Through July 2012 and Reverses

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The NZDUSD traded down through the July 2012 low before reversing and closing near the high for the day. RSI is divergent with the new price low (higher low in RSI) and this divergence is what I term ‘reliable divergence’ as RSI is > 30. The combination of a big technical level and the momentum profile warn of a low. Above .7922 would increase confidence in a low.

FOREXTrading Strategy: Flat

LEVELS: .7670 .7760 .7821 .7922 .8005 .8060

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