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New Zealand Dollar at Short Term Channel Resistance

New Zealand Dollar at Short Term Channel Resistance

2011-10-07 14:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar at Short Term Channel Resistance

Prepared by Jamie Saettele, CMT

“The NZDUSD also reversed from the channel that defines the trend from the August top. Short term structure is identical to that of the AUDUSD (5 waves up from the low) and I therefore favor buying dips.” The NZDUSD hasn’t seen the advance that the AUDUSD has but the bias remains the same (buying dips). Currently testing resistance from a short term channel, expectations are for a pullback. Supports are 7680 and 7626.

Trend Strength (M,W,D) – 0, (1), (2)

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