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New Zealand Dollar May Still Exceed 8600 before Topping

New Zealand Dollar May Still Exceed 8600 before Topping

2011-09-02 07:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar May Still Exceed 8600 before Topping

Prepared by Jamie Saettele, CMT

The NZDUSD is in the same situation as the AUDUSD. Recent weakness may be a small 4th wave decline that gives way to one more high. The 100% extension of the rally from 7964 remains a potential topping point at 8616 as does the channel line (upper 8600s). 8430 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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