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New Zealand Dollar Short Term Topping Pattern

New Zealand Dollar Short Term Topping Pattern

Jamie Saettele, CMT, Sr. Technical Strategist

240 MinuteBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Short Term Topping Pattern

Prepared by Jamie Saettele, CMT

A short term head and shoulders top is also visible in the NZDUSD. A drop below 8285 is needed in order to confirm the pattern and shift focus to former resistance at 8249 and channel support at 8225 on Tuesday (increases 18 pips per day). Extreme momentum readings, such as daily RSI above 76 and price rallying for 7 consecutive weeks, favor a pullback into the mentioned levels.

Bottom Line – flat

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.