New Zealand Dollar Inside Day Indicates Consolidation

DailyBars

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