240 Minute Bars
Prepared by Jamie Saettele
The NZDUSD has broken through its neckline from the short term inverse head and shoulders and has reached the 61.8% retracement of the decline from 7400. Resistance extends to 7270. Near term studies are overbought and warn of a pullback…support begins at 7130. I cannot dismiss the bearish implications from the impulsive nature of the decline from 7400.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson 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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