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New Zealand Dollar / US Dollar 03-29

New Zealand Dollar / US Dollar 03-29

2010-03-29 15:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The drop below the short term support line indicates that a top may already be in place for the NZDUSD at 7185. Further, the decline from that point is impulsive. The rally from near 7000 has reached the 61.8% retracement so the NZDUSD should roll over from here if the larger trend has turned down.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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