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New Zealand Dollar Lagging as Channel is above 8100

New Zealand Dollar Lagging as Channel is above 8100

2011-10-17 15:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Lagging as Channel is above 8100

Prepared by Jamie Saettele, CMT

The NZDUSD is lagging the AUDUSD as the same trendline (off of the August and September highs) isn’t until the mid 8100s. Mid September support at 8117 reinforces this level as one of interest this week. The rally from the low would consist of 2 equal legs at 8130 and the 61.8% retracement of the decline from 8571 is 8150. Bottom line, mid 8100 should be strong resistance. A short term channel defines the trend and a drop below 7889 would break the channel and series of higher lows.

Trend Strength (M,W,D) – 0, 0, 1

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