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New Zealand Dollar Focus is on 8620 and Channel Resistance

New Zealand Dollar Focus is on 8620 and Channel Resistance

2011-08-30 14:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Focus is on 8620 and Channel Resistance

Prepared by Jamie Saettele, CMT

{The NZDUSD has broken above 8425 thus focus now shifts higher towards the 61.8% retracement of the decline from 8842 at 8506 and former support from early August at 8575. The corrective channel is of interest and crosses through the 8620 level (100% extension and former support) later this week.” Having already exceeded 8506, look higher towards 8620 and the channel line. The line is at 8663 on Wednesday. 8430/70 is short term support.

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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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