NZDUSD Technicals for July 13th
The NZDUSD decline from 7160 is a clean 5 wave affair, which confirms the larger downtrend. Expectations are for price to roll over prior to 7165 and for the longer term downtrend to resume. Trading above 7165 would shift focus to 7330-7450 (100% extension at 7400 is in the middle of that zone) and at least delay the longer term bearish bias.
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 email@example.com.
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