NZD/USD Tests July High; .8135 Break Could Complete Bottoming Pattern

DailyFX

4Hour

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.
eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Tests July High; .8135 Break Could Complete Bottoming Pattern

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The NZDUSD has been consolidating since June 11th. It’s impossible to know if the consolidation leads to a reversal or continuation of longer term weakness but based on the corrective rally from the June low, it’s best to favor the downside until proven wrong.” Price came within 1 pip of the July high today before backing off. A push above .8135 would trigger an inverse head and shoulders.

FOREXTrading Strategy: Stopped out of short at .8060.

LEVELS: .7933 .7994 .8028 .8105 .8135 .8210

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