NZD/USD Wipes Out May Losses; Reference Points at .8698 and .8740

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Daily

NZD/USD Wipes Out May Losses; Reference Points at .8698 and .8740

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“NZDUSD found low at .8401. I remain of the mind that the top in May was important but stronger resistance is above .8600.” Well, today’s move makes it difficult to stay ‘of that mind’. A corrective rally should have found resistance near .8631. A possible zone of resistance is .8725/40 (161.8% extension and 5/6 close) but keep August 1st in mind, which is the date of the record free float high in 2011.

LEVELS: .8554 .8612 .8646 | .8695 .8740 .8780

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Euro to Look Past German ZEW Data as Greece Worries Loom Large

  2. Forex News

    NZD/USD Candlestick Analysis: Waiting for Short Trade Setup

  3. Forex News

    NZD/USD Technical Analysis: Rally Capped at 3-Month High

  4. Forex News

    Commodity Dollars Soar After China Cuts Reserve Requirement Ratio

  5. Forex News

    NZD/USD Technical Analysis: Trying to Overcome 0.77 Mark

Trading Center