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NZDUSD Resistance is Closer to 7800

By , Sr. Technical Strategist
07 June 2012 23:45 GMT

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Resistance is Closer to 7800

Prepared by Jamie Saettele, CMT

Be sure to stay abreast of the current interpretation of wave structure in risk. The short term NZDUSD pattern makes the best case for one more high before a several hundred (at least) pip drop. Look at the hourly and connect the 6/5 and 6/7 tops (7603 and 7753) then extend a parallel off of the 6/5 low (7520). That is a perfect Elliott channel and gives scope to one more push, perhaps into 7800 (and channel resistance), before a turn. 7650 is short term support.

LEVELS: 7550 7600 7650 7750 7810 7900

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07 June 2012 23:45 GMT