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)
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