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New Zealand Dollar Could Reach 8388 but Larger Trend is Down

New Zealand Dollar Could Reach 8388 but Larger Trend is Down

2011-09-07 15:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Could Reach 8388 but Larger Trend is Down

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.” The decline from 8571 is in 5 waves. As such, respect the potential for a correction to extend into 8387 before the next sharp decline. The larger trend is down.

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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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