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New Zealand Dollar Breaks 2011 Trendline

New Zealand Dollar Breaks 2011 Trendline

2011-08-08 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Breaks 2011 Trendline

Prepared by Jamie Saettele, CMT

The NZDUSD is also plummeting and has dropped (intraday to this point) below the 50 day average, trendline that connects the 2011 lows, June high, and July congestion. The decline from the high is in 5 waves and there is a Fibonacci extension (261.8% of 8842-8575) at 8246. The implications are for price to find a temporary low and trade back to 8500. The next major chart support is not until the July low at 8107 (reinforced by 100 day average).

Trend Strength (M,W,D) – 3, 1, 0

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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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