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New Zealand Dollar at Short Term Channel Resistance

New Zealand Dollar at Short Term Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar at Short Term Channel Resistance

Prepared by Jamie Saettele, CMT

Price is at channel resistance but potential remains for a test of 8240/80 (October high / 161.8% extension of the rally from the November low / 61.8% retracement of the decline from the 2011 high). As is the case with the other USD crosses, some consolidation is probably in order. 8120 is support.

Bottom Line – flat

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