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New Zealand Dollar Reverses Before 8380

New Zealand Dollar Reverses Before 8380

2011-09-19 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Reverses Before 8380

Prepared by Jamie Saettele, CMT

The NZDUSD has reversed prior to the 8380 level. I was thinking that a pop above there would complete a flat correction. While this is still possible, one must also consider the potential for a more immediate bearish outcome especially since a C wave may be underway towards the August low.

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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