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New Zealand Dollar Takes out Prior 5 Days Highs and Lows

New Zealand Dollar Takes out Prior 5 Days Highs and Lows

2011-12-08 17:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Takes out Prior 5 Days Highs and Lows

Prepared by Jamie Saettele, CMT

Recent commentary was that, “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.” The NZDUSD failed to reach the objectives, reversing at 7880 and quickly reaching the recent range low of 7722. Additional weakness targets 7650. Resistance is 7765 and 7800.

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