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New Zealand Dollar Holding Trendline…For Now

New Zealand Dollar Holding Trendline…For Now

2012-01-09 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

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

Prepared by Jamie Saettele, CMT

The NZDUSD rocketed higher today and price needs to reverse before the 1/3 high of 7907 in order for shorts to remain favored. Trading above there would shift focus to the 11/7 high at 7997 (channel resistance is at 8025 Tuesday). Coming under 7830 would increase confidence in the downside. I still maintain that the AUDUSD is a more attractive short as per the AUDNZD pattern. Additional technical research can be found at DailyFX.com.

Bottom Line – short against 7910, target 7650

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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