New Zealand Dollar Low Likely in Place at 7460
Prepared by Jamie Saettele, CMT
A NZDUSD low appears to be in place at 7460. The rally through 7609 negates bearish structure from 7878. What’s more, examination of the rally from 7460 reveals an impulsive structure. I favor buying dips into 7550. Keep an eye on both the AUDUSD and NZDUSD as the next few sessions unfold. A new low in AUDUSD and NOT in NZDUSD would signal a divergence typically seen at market turns.
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