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New Zealand Dollar Rally Fails Again – 200 day SMA at August Low

By , Sr. Technical Strategist
21 September 2011 16:03 GMT

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Rally Fails Again – 200 day SMA at August Low

Prepared by Jamie Saettele, CMT

The NZDUSD range is tightening and the next move may be a pop above 8381 in order to complete a flat correction from the 9/6 low. A move above 8381 would present a short opportunity against the 8/31 high of 8570. Notice the specter of a head and shoulders continuation pattern. Like the AUDUSD, the larger trend is down towards 7965 (reinforced by the 200 day SMA) and reward/risk on a breakout trade is favorable.

Trend Strength (M,W,D) – 2, 0, 0

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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21 September 2011 16:03 GMT