nzd-usd

The EURUSD and AUDUSD have held respective 5th wave channels, so new highs are not out of the picture.  The NZDUSD, however, broke its 7+ channel line last last week.  The short term pattern confirms a larger bearish bias as well.

The NZDUSD has dropped below a support line drawn off of the September and October lows.  The decline from .7640 is impulsive therefore I am expecting the rally to prove corrective.  Resistance is .7360/75, and .7410/45.

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.
 

DailyFX provides forex news on the economic reports and political events that influence the currency market.
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