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New Zealand Dollar Reaches Fibonacci Confluence

New Zealand Dollar Reaches Fibonacci Confluence

2012-01-31 00:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Reaches Fibonacci Confluence

Prepared by Jamie Saettele, CMT

The NZDUSD finished January up over 6% (largest monthly gain since May 2009). The NZDUSD reached and slightly exceeded the Fibonacci confluence near 8280 (161.8% extension of the rally from the November low / 61.8% retracement of the decline from the 2011 high). This would be a ‘nice’ place for the NZDUSD to find a top but momentum remains strong and stops are too wide a short position. Support does come in at 8205/25 and a drop under 8155 (Monday low) is needed to trigger a deeper decline towards 8080.

Bottom Line – flat

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