My early week focus is on the NZDUSD and NZDJPY. The NZDUSD has dipped below last week’s low and now retraced the entire 9/13 (Fed) rally advance. Still, the momentum profile and presence of support down to 8140 (and especially 8165) warrants longs into that level. Price has already responded to the 8/23 high (8186) which is defended by the 100% extension of the decline from the top (2 equal legs). As such, it is possible that a low is in place. Exceeding 8250 would suggest that the next bull leg is underway. The NZDJPY has entered the 9/12-9/13 congestion zone and strong support is expected slightly lower near 6360 (9/13 low and 100% extension).

NZDUSD – 60 Minute Bars

Early_Week_Trading_in_NZDUSD_and_NZDJPY_body_nzdusd.png, Early Week Trading in NZDUSD and NZDJPY

Prepared by Jamie Saettele, CMT

NZDJPY – 60 Minute Bars

Early_Week_Trading_in_NZDUSD_and_NZDJPY_body_nzdjpy.png, Early Week Trading in NZDUSD and NZDJPY

Prepared by Jamie Saettele, CMT

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