The NZDUSD decline from 7160 is a clean 5 wave affair, which confirms the larger downtrend. I wrote yesterday that “a move back to 6960 would present a short opportunity.” The pair has reached 6960 but additional strength towards 7020 (61.8%) or even 7080 (78.6%) is not out of the question. In any case, I favor the downside against 7165.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosses on Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. 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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