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New Zealand Dollar Consolidates

New Zealand Dollar Consolidates

2011-05-10 15:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Consolidates

Prepared by Jamie Saettele, CMT

I remain bearish the NZDUSD at this level. Divergence at the recent top combined with an impulsive decline (5 waves) and corrective advance (3 waves) gives scope to a sharp drop in either a 3rd or C wave. Objectives are the 100% extension at 7666 (also 100 day SMA) and 2/18 high) and the 7500 area – which is defined by the 61.8% retracement of the rally from 7114, 161.8% extension of the decline from the top and 200 day MA. The near term head and shoulders pattern bolsters the bearish view. Near term resistance comes in at the 61.8% retracement of the recent decline, at 8003.

Support/Resistance Index (M,W,D) – 0, (3), 0

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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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