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New Zealand Dollar / US Dollar 05-25

New Zealand Dollar / US Dollar 05-25

2010-05-25 14:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-05-25-NZD

The NZDUSD has reached 6600, which is former resistance (June 2009). 6530 is also a potential support level (Fibonacci extension). Near term, 5 waves down from above 7300 may be complete. As such, there is the potential for a bottom and rally back to 6830.

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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