Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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).” I wrote yesterday that “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 .8250 on Wednesday.” The NZDUSD responded to .8250 but has yet to separate from the line. Respect potential for a healthier bounce into .8287.
FOREXTrading Strategy: I exited the short today but the bias is still short…now against .8370. Looking to short again at .8287.
LEVELS: .7914 .8052 .8161 .8255 .8287 .8350