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New Zealand Dollar Tests 2011 High – 2008 High at 8215

New Zealand Dollar Tests 2011 High – 2008 High at 8215

2011-05-26 15:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

TopHeadline_2_body_nzdusd.png, New Zealand Dollar Tests 2011 High – 2008 High at 8215

Prepared by Jamie Saettele, CMT

The NZDUSD has tested the 8120 high but there is evidence that a break to even higher prices is around the corner. I favor the upside against 7858 (this week’s low) towards the 2008 high (8215). Watch parallel channel resistance (above) as well. There are Fibonacci measurements at 8377 and 8761 (intersects with channel at end of June). 8050, 8015, and 7985 are short term supports.

Support/Resistance Index (M,W,D) – 0, 1, 4

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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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