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New Zealand Dollar Test of 7450 is Expected

New Zealand Dollar Test of 7450 is Expected

2011-12-15 16:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 MinuteBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Test of 7450 is Expected

Prepared by Jamie Saettele, CMT

The NZDUSD pattern is the exact same as the AUDUSD in that both made daily key reversals last week and have just broken their 20 day averages as support. Focus is on the post Thanksgiving gap near 7450. Resistance from a short term channel is strong at the current level. The bearish bias level can be moved down to 7675.

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