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New Zealand Dollar Rally is Corrective – Watch Channel Resistance

New Zealand Dollar Rally is Corrective – Watch Channel Resistance

2011-09-27 15:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minutes Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Rally is Corrective – Watch Channel Resistance

Prepared by Jamie Saettele, CMT

The NZDUSD pattern supports a bearish AUDUSD stance. In fact, the rally from 7636 is nearing the Elliott channel that often identifies the end of 4th waves. The August low at 7965 and 200 day average at 7950 reinforce resistance at the Elliott channel as well. A bearish objective is 7500 (larger channel and mid March pivot).

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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