New Zealand Dollar Working Towards Channel Near 8050
Prepared by Jamie Saettele, CMT
I wrote last week that “weakness presents an opportunity to get long against 7773 (1/6 low) in anticipation of an eventual move above 8000 (although risk of a reversal increases above 80).” After dipping to 7865, the NZDUSD has turned around and is nearing the 1/12 high (7981). Expect strength through there into the 200 day average at 8035 and the channel at 8050.
Bottom Line – long against 7865, target 8050
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