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New Zealand Dollar Support at 7830/50

New Zealand Dollar Support at 7830/50

2011-05-19 14:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Support at 7830/50

Prepared by Jamie Saettele, CMT

The NZDUSD has reversed sharply and the rally is in 5 waves – indicating that at least one more bull leg is probable. 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 and possibly just above 8120 before weakness back towards 7750). In other words, the NZDUSD (and AUDUSD) is a worthy range trade candidate. Near term support is 7830/50.

Support/Resistance Index (M,W,D) – 0, (1), 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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