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New Zealand Dollar Breaks December High

New Zealand Dollar Breaks December High

2012-01-03 18:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Breaks December High

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. Risk on longs can be moved to 7740 and 7840/60 is now near term support.

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