NZD/USD at 200 DMA and 12 Month Trendline

By DailyFx | Updated August 05, 2014 AAA

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NZD/USD at 200 DMA and 12 Month Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-NZDUSD weakness from the July high is impulsive, which suggests that an important high is in place. 5 waves down also suggests that a rally attempt (albeit corrective) is due. The current level, defined by the 200 DMA and trendline support, is a good place for that rally attempt to take place.

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