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New Zealand Dollar at Short Term Channel Resistance

New Zealand Dollar at Short Term Channel Resistance

2012-01-26 23:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

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

Prepared by Jamie Saettele, CMT

Price is riding channel resistance and focus remains on 8240/80 (October high / 161.8% extension of the rally from the November low / 61.8% retracement of the decline from the 2011 high). Of note is the daily RSI reading, which is now above 75. Since 2010, readings of 75 or higher pinpointed tops to the day in November 2010 and August 2011. On 4/14/11, RSI reached 75, the rally extended on the 15th before a 160 pip drop on the 18th (a Monday). An important top is likely to form next week.

Bottom Line – flat

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