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New Zealand Dollar Inside Day Indicates Consolidation

New Zealand Dollar Inside Day Indicates Consolidation

2012-01-24 23:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Inside Day Indicates Consolidation

Prepared by Jamie Saettele, CMT

The next cluster of NZDUSD 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 did carve out an inside day today at the 2nd standard deviation band, which warns of a reversal (setup against the Monday high). A drop below 8045 is required in order to trigger a downside bias towards 7980.

Bottom Line – flat

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