New Zealand Dollar / US Dollar 05-18
Since the October top at 7640, the NZDUSD has stair stepped lower. The structure of the decline at this point is 3-3-5, which is the substructure of a flat. However, there are several variations that would allow for the beginning of a larger decline. As long as price is below 7335, I lean towards a long term bearish position. The channel that had contained price since February has been broken, which is bearish. Focus in now on 6800.
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 firstname.lastname@example.org.
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