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New Zealand Dollar Convergence of Levels

New Zealand Dollar Convergence of Levels

2011-03-31 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Convergence of Levels

Prepared by Jamie Saettele

The NZDUSD is up 9 of the last 10 days and closing in on a convergence of resistance levels. 7655 is the 2/18 high (2/4 low defends at 7665), the underside of the support line from the 2009 low is just above 7700 as is the resistance line extended off of the November and February highs. The operative short term wave count is a double zigzag and the 2 zigzags would be equal at 7708. I favor shorting rallies into the mentioned resistance as close to 7700 as possible.

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