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New Zealand Dollar Focus Now on Channel Support Near 8600

New Zealand Dollar Focus Now on Channel Support Near 8600

2011-08-01 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Focus Now on Channel Support Near 8600

Prepared by Jamie Saettele, CMT

The NZDUSD is in a situation similar to that of the AUDUSD. The rally to 8842 probably completed a 3rd wave rally within an impulse from 7972. Elliott channeling and typical wave relationships (Fibonacci) suggest support in the 8560-8620 zone. Expectations are that a drop to there will complete a corrective 4th wave and give way to the next bull leg.

Trend Strength (M,W,D) – 3, 3, 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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