Intraday Analysis by Forexsoup

This is a discussion on Intraday Analysis by Forexsoup within the Trading Journals forums, part of the Reception category; The NZDUSD is in a situation similar to that of the AUDUSD. Unlike the AUDUSD, the NZDUSD completed its 5 ...

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Old Jan 21, 2011, 7:07pm   #1
 
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Intraday Analysis by Forexsoup

The NZDUSD is in a situation similar to that of the AUDUSD. Unlike the AUDUSD, the NZDUSD completed its 5 waves down in an orthodox manner (rather than in a truncation). Short term resistance is at 7625, 7655, and 7685 but strong downtrend often result in shallow retracements (in other words, be careful not to wait for a rally to short that never materializes). From yesterday – “the decline from the November high unfolded in 5 waves and was succeeded by a sharp 3 wave retracement. Similarly, the decline from 7812 (one degree of trend less) unfolded in 5 waves and then experienced a sharp and deep retracement. A break of 7549 would shift focus to the December low of 7342.”
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