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New Zealand Dollar Nearing Secondary Top

New Zealand Dollar Nearing Secondary Top

2011-05-06 21:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Nearing Secondary Top

Prepared by Jamie Saettele, CMT

The NZDUSD top is in place as the decline from 8121 is in 5 waves. I wrote yesterday that “near term expectations are for some consolidation / corrective strength back towards 7950 before a much larger decline takes place.” The bulk of the advance is complete but given the expected strength in the EURUSD, GBPUSD, and AUDUSD it makes sense to expect a test of 8000 (61.8% retracement) before weakness resumes. Downside objective next week are 7690 and 7500.

Support/Resistance Index (M,W,D) – 0, (9), (2)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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