NZD/USD Reaches Top Side of Former Resistance Line

By DailyFx | Updated August 26, 2014 AAA

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NZD/USD Reaches Top Side of Former Resistance Line

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 warn of a rally attempt. Above .8430 is needed in order to suggest that at least a minor low is in place and that a move towards .8570-.8635 is underway. Until then, the market could drop into the .8250s.

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