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New Zealand Dollar at 61.8% Retracement

New Zealand Dollar at 61.8% Retracement

2011-03-28 15:03:00
Jsaettele,
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar at 61.8% Retracement

Prepared by Jamie Saettele

The NZDUSD has met resistance from the 61.8% retracement of the decline from 7824 and 2/28 high. 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 shift focus to 7640.

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