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New Zealand Dollar Working Towards Channel Near 8050

New Zealand Dollar Working Towards Channel Near 8050

2012-01-17 22:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Working Towards Channel Near 8050

Prepared by Jamie Saettele, CMT

I wrote yesterday to “expect strength through 7981 into the 200 day average at 8035 and the channel at 8050.” Today’s NZDUSD high is 8031 and there is no sign yet that a top is in place. In fact, the AUDUSD commentary applies. That is, shorting at monthly and weekly highs is a low probability play. Resistance above 8031 is defined by channel resistance at 8060 and the 50% retracement of the decline from the August high at 8106. A drop below 7912 would trigger a bearish bias.

Bottom Line – flat

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