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New Zealand Dollar Reaches Objective – Downside Still Favored

New Zealand Dollar Reaches Objective – Downside Still Favored

2011-09-26 14:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Reaches Objective – Downside Still Favored

Prepared by Jamie Saettele, CMT

“The larger trend is down towards 7965 (reinforced by the 200 day SMA) and reward/risk on a breakout trade is favorable.” 7965 gave way without much of a fight and the NZDUSD has continued lower into channel support and the 100% extension of the decline from the August high. Despite the presence of the channel and extension, near term pattern remains bearish. Allowing for sideways trade, look lower as long as price is below 7893. The bearish channel is an objective near 7500.

Trend Strength (M,W,D) – 2, (1), (2)

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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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