New Zealand Dollar Focus is on 8240
Prepared by Jamie Saettele, CMT
The NZDUSD has exceeded corrective channel resistance as well as the 50% retracement of the decline from the 2011 high. The next cluster of resistance isn’t until 8240/80 (October high / 161.8% extension of the rally from the November low / 61.8% retracement of the decline from the 2011 high). Price is at short term support and the upside demands respect above 8045 (below would indicate a reversal).
Bottom Line – flat