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Looking for a turn in EURNZD

Looking for a turn in EURNZD

Jamie Saettele, CMT, Sr. Technical Strategist

I'm closely watching (as always) USDMXN for clues on a turn in risk sentiment. Conventional wisdom says that the debt deal resolution is bullish so it probably marks a short term top in risk sentiment rather than a point of acceleration.

NZDUSD is above .8500 and 800 pips higher than where it was on August 30th! Levels of interest as resistance are the February high at .8533, the 5/6 high at .8555 and the 4/30 high at .8585. I'm not looking to play NZDUSD...at least not yet anyway.

Rather, long EURNZD is on the watchlist. Exceeding 1.6150 would shift focus higher against whatever the low is (the low right now is 1.6016). The first target would be 1.6230 (former support) with the possibility of something much more bullish as an inverse head and shoulders pattern may be forming since February 2012.

Follow me on Twitter @JamieSaettele

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