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New Zealand Dollar Short Term Pattern is Bearish

New Zealand Dollar Short Term Pattern is Bearish

2011-02-04 15:51:00
Jsaettele,
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Short Term Pattern is Bearish

Prepared by Jamie Saettele

As mentioned in recent days “a move above 7812 would not alter the bearish structure from 7973. In fact, a rally could complete the final leg of a corrective advance from 7342. In the event of a push above 7812, potential resistance would be 7835 and 7872.” After slightly exceeding 7812 in what may prove to be a bull trap, the NZDUSD has reversed and weakness has unfolded in impulsive fashion. Favor the downside.

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