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New Zealand Dollar at Channel Resistance – 50% Fibonacci at 8105

New Zealand Dollar at Channel Resistance – 50% Fibonacci at 8105

2012-01-18 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar at Channel Resistance – 50% Fibonacci at 8105

Prepared by Jamie Saettele, CMT

A picture perfect A-B-C advance may be complete in the NZDUSD. At minimum, price is at resistance and a dip is expected towards 7980. A drop below 7912 would confirm a reversal and shift focus towards 7770 and 7650. A new high still encounters resistance from the 50% retracement of the decline from the 2011 high at 8106.

Bottom Line – short, use USDOLLAR 9855 as a stop

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