Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
–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.