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New Zealand Dollar Event Risk Ahead

New Zealand Dollar Event Risk Ahead

2011-03-09 15:41:00
Jsaettele,
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eliottWaves_nzd-usd_body_nzdusd.png, 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.

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