New Zealand Dollar Short Term Pattern Still Constructive
60 Minute Bars
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 remains constructive as per the inverse head and shoulders pattern. A larger triangle or flat may be unfolding. The implications are for a test of 8100/20 before a decline towards the lows.
Support/Resistance Index (M,W,D) – 0, 0, 1
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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 email@example.com.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.