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New Zealand Dollar Reverses after Testing October High

New Zealand Dollar Reverses after Testing October High

2012-01-30 22:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Reverses after Testing October High

Prepared by Jamie Saettele, CMT

The NZDUSD entered and reversed from the long cited 8240/80 resistance zone (October high / 161.8% extension of the rally from the November low / 61.8% retracement of the decline from the 2011 high. Weakness below today’s low (8155) would shift focus to the 1/18 high and channel support at 8080. 8120 may act as interim support. Of note is the fact that the NZDUSD exceeded its October high last week while the AUDUSD failed to do so. This non confirmation is typical at turns.

Bottom Line – flat

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