New Zealand Dollar Consolidates Recent Losses
Prepared by Jamie Saettele
The NZDUSD has traded to a fresh 2011 low but did carve out a key reversal yesterday (as per the magenta bar). Key reversals do have a history of calling turns but the wave count is bearish with a 3rd wave possibly underway from the February high. A drop below 7342 would confirm that the NZDUSD completed wave b of a flat in late 2010 and is headed for an eventual drop below 6560.
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