New Zealand Dollar January Tests January Low
Prepared by Jamie Saettele
“The dominant pattern in the NZDUSD is the 5 wave drop from 7975, which keeps me looking lower.” The decline from 7824 is unfolding in an impulsive manner, price has broken below both the 20 and 50 day averages, and the January low is on the verge of giving way. 7500 and 7433 may provide temporary support but a break below 7342 is ultimately expected.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.