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New Zealand Dollar / US Dollar

New Zealand Dollar / US Dollar

2010-07-28 14:35:00
Tim Shea,
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240 Minute Bars

eliottWaves_nzd-usd_body_100728_085827_CQG_IC_Screen.png, New Zealand Dollar / US Dollar

Prepared by Jamie Saettele

The NZDUSD is in a position similar to that of the AUDUSD. The pair met resistance from channel resistance and the 100% extension of the 6557-7164 rally (7400) so the top may be in place. Even in the event of a new high, strength should prove temporary.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson 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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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