New Zealand Dollar Triangle Valid above 7720
300 Minute Bars
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. Like the AUDUSD, a triangle may be forming from the 11/30 high (implications are the same). 7925 and 8000 become resistance on a triangle breakout. Trading below 7722 would negate the triangle and shift focus to 7675 and 7575.
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