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New Zealand Dollar Stuck in Neutral

New Zealand Dollar Stuck in Neutral

2012-02-07 23:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Stuck in Neutral

Prepared by Jamie Saettele, CMT

“A short term head and shoulders top is 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 8243 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

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