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New Zealand Dollar Support at 7850

New Zealand Dollar Support at 7850

2011-05-23 14:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Support at 7850

Prepared by Jamie Saettele, CMT

The NZDUSD continues to hold up extremely well which is strange considering its previously tight correlation with ‘risk’. The near term pattern is constructive with support coming in at the 61.8% retracement of the rally from 7754 at 7848. With the decline from 8120 in 3 waves, I’m willing to try longs at 7850 in anticipation of a test of 8000 (at least).

Support/Resistance Index (M,W,D) – 0, 1, 2

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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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