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New Zealand Dollar Reaches Fibonacci Resistance at 7900

New Zealand Dollar Reaches Fibonacci Resistance at 7900

2011-05-18 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Reaches Fibonacci Resistance at 7900

Prepared by Jamie Saettele, CMT

The NZDUSD has reversed sharply and already reached the 61.8% retracement of the decline from 7990. Thaat level is now resistance Like the AUDUSD, it is possible that a larger flat or triangle is underway from the May high (the implications in both patterns are for strength close to an possibly just above 8120 before weakness back towards 7750). In other words, the NZDUSD (and AUDUSD) is a worthy range trade candidate.

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