New Zealand Dollar Objective at 8040/50-Stop at 7860
60 Minute Bars
Prepared by Jamie Saettele, CMT
The NZDUSD continues to lead the pack – it is possible that a larger flat or triangle is underway from the May high (the implications in both patterns are for strength close to and possibly just above 8120 before weakness back towards 7750). Near term, favor the upside as long as price is above 7860 – an objective is 8040/50.
Support/Resistance Index (M,W,D) – 0, 1, 4
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 email@example.com.
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