NZD/USD Spikes into Bottom of Resistance Zone

DailyFX

Hourly

View photo

.
eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Spikes into Bottom of Resistance Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: Wrote last week that “the NZDUSD advance is the second largest of the year (behind 6/3, which was quickly retraced) and price has spiked through a steep upward sloping channel. Viewed in the proper context (impulsive declines from the 2011 and 2013 highs), the rally presents a golden opportunity to short.” Weakness is unfolding in an impulsive manner, which reinforces the bearish bias.

FOREXTrading Strategy: Bias remains short below .8110.

LEVELS: .7847 .7904 .7943 .8012 .8038 .8077

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)