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New Zealand Dollar Forms Inside Day at Resistance

New Zealand Dollar Forms Inside Day at Resistance

2012-01-04 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Forms Inside Day at 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. Pattern is constructive above 7740 and supports for Thursday are 7810/30.

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