New Zealand Dollar 8500 May Provide Interim Top
Prepared by Jamie Saettele, CMT
The NZDUSD is in a similar situation. The extent of the move (in both price and time) from the recent low suggests that we consider bullish alternatives. A move above 8840 would complete a diagonal from the 2010 low (6561). 8500 may provide an interim top. This level is defined by the 61.8% retracement from 8840 and also where the rally from the low would consist of 2 equal waves. Support should be strong at 8270.
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Trend Strength (M,W,D) – 3, 0, 0
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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