NZD/USD Washes Out Below November Low



View photo

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Washes Out Below November Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: NZDUSD sentiments are similar to AUDUSD. Today’s big reversal unfolded after a washout of sorts below the November 2012 low of .8052. Price is actually up for the week now after opening at .8088. Expect support at that weekly open price down to .8073. Strength may compose a 4th wave that ends near .8212 but near term NZDUSD structure isn’t as clear as near term AUDUSD structure. Also, the NZDUSD has also traded into the underside of its former channel twice. I don’t like buying into the underside of a channel like that.

FOREXTrading Strategy: Flat

LEVELS: .7914 .8052 .8088 .8170 .8212 .8271

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)