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New Zealand Dollar Reaches Initial Resistance

New Zealand Dollar Reaches Initial Resistance

2011-03-22 14:41:00
Jsaettele,
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480 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Reaches Initial Resistance

Prepared by Jamie Saettele

The NZDUSD sliced through its corrective channel and 100% extension at 7193 last week before rebounding sharply. I do maintain that the larger trend is down but a sharp correction could reach as high former support at 7505. Initial resistance has been reached at 7427. 7360 is short term support.

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