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New Zealand Dollar 15 Month Topping Pattern?

New Zealand Dollar 15 Month Topping Pattern?

2012-02-01 23:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar 15 Month Topping Pattern?

Prepared by Jamie Saettele, CMT

The NZDUSD rally seems to be accelerating, perhaps into the right shoulder of a 15 month head and shoulders topping pattern. Price did reach the 9/16 pivot today (8341) and another pivot that may come in to play is the 9/6 high at 8388. Short term support tonight is 8300 and 8270. A drop under 8212 is needed in order to trigger losses into the mid 8100s. Bigger picture, the drop from the 2011 high takes the form of a leading diagonal and therefore the first bear leg in a much larger decline.

Bottom Line – flat

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