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New Zealand Dollar Reaches Resistance at 7500

New Zealand Dollar Reaches Resistance at 7500

2011-03-24 15:09:00
Jsaettele,
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Reaches Resistance at 7500

Prepared by Jamie Saettele

I maintain that the larger trend is down but the next several weeks should present trade opportunities from both sides. Near term, the rally from 7114 is in 5 waves (like the AUDUSD) so expectations are for weakness down to at least 7375 (former 4th wave extreme). Interim support is at 7446. Additional strength would target a former pivot high and 61.8% retracement at 7554.

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