New Zealand Dollar Reverses – Resistance at 7475-7500
Prepared by Jamie Saettele
The NZDUSD has reversed to trade above its pre interest rate decrease level. There is a short term resistance line at 7450 today, the 20 day average at 7575 and former support at 7505. 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 remains a near term objective.
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