New Zealand Dollar Pivot is 7455
Prepared by Jamie Saettele
The NZDUSD has broken lower and is at its lowest level since late September. 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. I favor moving risk to the latest pivot high of 7455. 7340/60 is resistance.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.