Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: “As long as price is above 8280, trend is considered constructive towards 8570. An upward sloping trendline intersects 8570 in 2 weeks. The January low at 8195 is the bearish pivot which leaves 8195-8280 as the ‘dead zone’. Those that trade in the ‘dead zone’ are subject to getting chopped up.”
FOREXTrading Strategy: The more time that passes without the NZDUSD breaking new highs, the more I want to be short…especially with price below 8450. The trade is just too much of a guess though. Also, I remain of the mind that the AUDUSD is a better option in the coming months (given AUDNZD pattern).
LEVELS: 8279 8330 8390 8437 8479 8571