New Zealand Dollar Reaches Elliott Channel Support
300 Minute Bars
Prepared by Jamie Saettele, CMT
“The NZDUSD 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.” The channel has been reached so, allowing for a test of 8560 (Fibonacci), look higher.
Trend Strength (M,W,D) – 3, 3, 1
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.
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