NZD/USD in No Man’s Land ahead of Trendline Support

By Jamie Saettele, CMT | DailyFX – Tue, Feb 12, 2013 7:12 AM SGT

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RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.81760.01

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD in No Man’s Land ahead of Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The NZDUSD took quite a dive in recent days but price remains above trendline support. “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: Flat

LEVELS: 8155 8195 8280 8373 8431 8479

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