New Zealand Dollar Breaks Down – Watch Channel and Fibo Levels
Prepared by Jamie Saettele, CMT
The NZDUSD has broken to fresh lows while the AUDUSD has held up. This in itself may actually be a warning that the lows are forming (divergence). Purely conjecture at this point, the 2 markets should be viewed together going forward to monitor the divergence or lack thereof. Extended weakness would target at Fibonacci extension at 7555 and the channel, which crosses 7455 next week. 7720 is resistance and the extended weakness scenario is favored as long as price is below 7831.
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 firstname.lastname@example.org and follow hom on Twitter @JamieSaettele.
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