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New Zealand Dollar Bullish Break Possible Next Week

New Zealand Dollar Bullish Break Possible Next Week

2011-12-30 15:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Bullish Break Possible Next Week

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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