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New Zealand Dollar Reaches Short Term Objective-Support at 8120-8150

New Zealand Dollar Reaches Short Term Objective-Support at 8120-8150

2011-05-31 15:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Reaches Short Term Objective-Support at 8120-8150

Prepared by Jamie Saettele, CMT

The NZDUSD has exceeded the 8120 high and tested the 2008 high at 8215. Watch the parallel channel for resistance in the coming weeks. Measured levels are derived by adding the width of consolidation to the breakout price. This technique yields objectives of 8487 (breakout from 8120) and 8836 (breakout from 7975). Near term support is 8060 (I’m a buyer on weakness). A short term Fibonacci objective has been reached at 8252. 8120-50 now serves as short term support.

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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