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New Zealand Dollar Presses against Trendline Resistance

New Zealand Dollar Presses against Trendline Resistance

2011-12-29 23:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Presses against Trendline Resistance

Prepared by Jamie Saettele, CMT

The near term NZDUSD pattern is similar to the AUDUSD in that bulls are favored towards 8000 (100% extension is at 7960) and perhaps 8240 (October high). The longer term picture is clearer as the decline from the August high is in 5 waves (diagonal though, not an impulse) and probably composes the first wave of a larger bear move. Exceeding 7780 would shift focus towards 8000. Until then, a dip below 7650 cannot be dismissed. 7460 remains key to a near term bullish bias.

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