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New Zealand Dollar Holding Trendline…For Now

New Zealand Dollar Holding Trendline…For Now

2012-01-06 19:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 MinuteBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Holding Trendline…For Now

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 remains 7850. Based on the AUDNZD pattern, I find the AUDUSD a more attractive short.

Bottom Line – short against 7910, target 7650

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