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New Zealand Dollar Bullish on a Dip-Target Mid 8100s

New Zealand Dollar Bullish on a Dip-Target Mid 8100s

2011-10-13 15:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Bullish on a Dip-Target Mid 8100s

Prepared by Jamie Saettele, CMT

There is no change from yesterday. “The NZDUSD is testing resistance from the 8/9 low, 9/27 high and 200 day average. The confluence of these levels would be expected to result in a reaction (lower) but there hasn’t been much in the way of 2 way action since the last week’s lows. In the event of a setback from this level, support is expected at 7857 and 7740 serves as the pivot for now. The next upside level of interest is 8120/50 (former support and 61.8% retracement).”

Trend Strength (M,W,D) – 0, (1), 0

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