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New Zealand Dollar Rally Due for a Pause

New Zealand Dollar Rally Due for a Pause

2011-12-02 16:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Rally Due for a Pause

Prepared by Jamie Saettele, CMT

The NZDUSD advance has stalled at what was support in early November. An extremely bearish outcome is possible (series of 1st and 2nd waves) and if we see short term bearish impulsive evidence then I’ll adopt a stance commensurate with that count. Until then, beware of a drift higher in a larger correction throughout the end of the year. Near term strength appears complete as per momentum and pattern. Support is 7720 and 7660.

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