New Zealand Dollar Event Risk Ahead
Prepared by Jamie Saettele
The NZDUSD has consolidated at its 200 day average, but I maintain that a 3rd wave is underway from 7824. The drop below 7342 makes a strong case that the NZDUSD completed wave b of a flat in late 2010 and is headed for an eventual drop below 6560. A 100% extension at 7191 is a near term objective. Former supports at 7427 and 7505 are now resistance areas.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.