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New Zealand Dollar Short Term Trendline Support Defines Trend

New Zealand Dollar Short Term Trendline Support Defines Trend

2012-01-05 16:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 MinuteBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Short Term Trendline Support Defines Trend

Prepared by Jamie Saettele, CMT

Like the AUDUSD, the 1/3 rally has the look and feel of exhaustion. Although the rally from both the November and December lows are not composed of equal waves, the structure is corrective. Coming under short term trendline support and specifically 7740 would increases confidence in the downside towards 7650. Resistance for Friday is 7850.

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