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New Zealand Dollar Bullish Above Friday Low

New Zealand Dollar Bullish Above Friday Low

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Bullish Above Friday Low

Prepared by Jamie Saettele, CMT

NZDUSD structure exhibits more clarity than the AUDUSD as the Elliott channel pinpointed Friday’s low. The upside is favored against 8249 (Friday low). Support for Tuesday is 8320. Objectives are above 8500, specifically, the 78.6% retracement of the decline from the 2011 high at 8527 and the 8/31/11 high at 8571.

Bottom Line – long, stop 8245, target open (above 8500)

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