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New Zealand Dollar Testing Trendline Support

New Zealand Dollar Testing Trendline Support

2011-09-05 13:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Testing Trendline Support

Prepared by Jamie Saettele, CMT

The NZDUSD is in the same situation as the AUDUSD. Recent weakness may be the beginning of the next larger bear leg that results in a drop below 7964. Price is testing short term trendline support now and a break would inspire confidence in the bearish bias. Weakness from 8574 has yet to extend into 5 waves. Consolidation in a small 4th and subsequent drop to a new low would compose 5 waves down from the top.

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Trend Strength (M,W,D) – 2, 0, 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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