New Zealand Dollar Range Tightens – Break Under 8160 Favored
60 Minute Bars
Prepared by Jamie Saettele, CMT
“The NZDUSD is in the same situation as the AUDUSD. One more sharp decline is expected in order to test/break the low before a more important low forms. Objectives are the 61.8% and 100% extensions at 7881 and 7546. The latter level intersects the corrective channel on 8/25 (Thursday).” The failure of the NZDUSD to decline in recent days does diminish confidence in the extremely bearish bias. Trading above 8423 would shift focus to 8540-75.
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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 firstname.lastname@example.org.
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