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New Zealand Dollar Market Adheres to Channel

New Zealand Dollar Market Adheres to Channel

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Market Adheres to Channel

Prepared by Jamie Saettele, CMT

The analysis to NZDUSD is unchanged – “NZDUSD structure exhibits more clarity than the AUDUSD as the Elliott channel pinpointed Friday’s low. The upside is favored against 8249 (Friday low). 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.