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New Zealand Dollar Closes at 200 Day Average

New Zealand Dollar Closes at 200 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Closes at 200 Day Average

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

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