NZD/USD Turned Back after Poke above Tuesday High



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eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Turned Back after Poke above Tuesday High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-NZDUSD has broken the line that extends off of the August and 10/10 lows. Like AUDUSD, the advance from the YTD low forms converging lines which is consistent with a bear market rally.

-Price traded to a new low for the month on Wednesday (by 1 pip) before making a key reversal.

-A flat correction may be complete from .8212 (10/30 low at midnight (NY)).

Trading Strategy: Order to short at .8285, stop .8315, target .8120. If stopped out, then will be looking to identify a top between .8380 and .8450

LEVELS: .8162 .8191 .8225 | .8285 .8330 .8356

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