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New Zealand Holds Up but Remains Vulnerable

New Zealand Holds Up but Remains Vulnerable

2011-05-12 15:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Holds Up but Remains Vulnerable

Prepared by Jamie Saettele, CMT

I remain bearish the NZDUSD although it is holding up quite well. 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. The 100% extension intersects parallel channel support on May16th.

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

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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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