NZD/USD .8190 Break Needed to Confirm an Important Top

| 13 november, 2013 | 0 kommentarer

Daily

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD .8190 Break Needed to Confirm an Important Top

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

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.

-A break below .8190 would complete a nearly 2 month head and shoulders top. Price would quickly encounter the 9/13 uncovered close at .8133. Price spiked into .8170 on Tuesday but failed to close below .8190 for even one hour.

Trading Strategy: Price may not have closed below .8190 but the close is the lowest since 9/17. A bearish bias is warranted against .8300 (Monday high). The head and shoulders objective is .7840.

LEVELS: .8035 .8103 .8133 | .8228 .8260 .8287

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Kategori: Analys från DailyFX

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