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New Zealand Dollar Reaches former Resistance Near 7850

New Zealand Dollar Reaches former Resistance Near 7850

2011-10-18 15:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Reaches former Resistance Near 7850

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. It is of course possible that a more important top is in place. Expect resistance near 7950 if reached. Bearish objectives are 7740 and 7630.

Trend Strength (M,W,D) – 0, 0, 1

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