Weekly Candles
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Are you new to FX or curious about your trading IQ?
FOREXAnalysis: No change but the NZDUSD to turn down now if the larger trend is lower – “The recent rally brings some clarity to the recent NZDUSD pattern. The advance from the 3/13 low now consists of 5 waves, and perhaps as wave C of a flat from the 3/4 low. The ‘tell’ that the pattern is a flat (and therefore corrective rather than the beginning of a new rally) is the 3 wave decline from the 3/6 high. A 3 wave move rarely completes the larger move and is therefore viewed as part of an ongoing correction. Near term resistance extends to the December high at .8475. Another interesting tidbit; the 2012 high (up until December) was made in February (2/29) and the secondary or lower high was made in April (4/13).”
FOREXTrading Strategy: Flat
LEVELS: .8220 .8303 .8367 .8444 .8488 .8533