New Zealand Dollar Reverses at 200 day Average – Look Lower
300 Minutes Bars
Prepared by Jamie Saettele, CMT
The NZDUSD pattern supports a bearish AUDUSD stance. The rally from 7636 has reversed just before the Elliott channel that often identifies the end of 4th waves. In fast markets, 4th waves tend to reverse before the respective channel. It’s worth mentioning that yesterday’s high was right at the 200 day average as well. A bearish objective is 7500 (larger channel and mid March pivot).
Trend Strength (M,W,D) – 2, (1), (2)
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 email@example.com and follow hom on Twitter @JamieSaettele.
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