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New Zealand Dollar Range Taking Hold?

New Zealand Dollar Range Taking Hold?

2011-05-17 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Range Taking Hold?

Prepared by Jamie Saettele, CMT

The drop below 7813 satisfies minimum expectations for wave C from 7991. Last week’s I wrote that “expectations are for 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.” I’ll favor weakness unless the rally from the low unfolds in an impulsive manner. Like the AUDUSD, it is possible that a larger flat or triangle is underway from the May high. Near term resistance is 7885-7920.

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