New Zealand Dollar Resistance at 8390
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. Short term resistance is 8390. Trading above 8571 would negate the bearish call.
Come See Me In Las Vegas!
Trend Strength (M,W,D) – 2, 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.