nzd-usd

On the daily, the NZDUSD has tested (multiple times) and failed at a line extended from the 8/14 and 8/23 highs.  In assessing the wave count, the rally from .7076 looks to be the final subdivision (wave 5 of c of Y).  The drop below the support line extended from .7250 and .7350 signals that a top is likely in place.  .7500 is resistance.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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