NZD/USD Biggest Test of Bull Move Since February

By DailyFx | August 07, 2014 AAA

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NZD/USD Biggest Test of Bull Move Since February

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-NZDUSD weakness from the July high is impulsive, which suggests that an important high is in place. 5 waves down also warns of a rally attempt. The current level, defined by the 200 DMA and trendline support, is a good place for that rally attempt to take place. Above .8500 is needed in order to suggest that at least a minor low is in place.

--Tradingideas are availabletoJ.S. Trade Desk members.

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