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New Zealand Dollar Resistance at Trendline from August Highs

New Zealand Dollar Resistance at Trendline from August Highs

2011-09-16 15:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Resistance at Trendline from August Highs

Prepared by Jamie Saettele, CMT

It is worth noting that a key reversal formed on the daily Monday and that the NZDUSD remains above that low. Price has broken above a short term resistance line and focus is on the 8381 pivot high. A pop above there could complete an expanded flat. The trendline that extends off of the August highs would be resistance.

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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