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New Zealand Dollar Drops to 20 day Average

New Zealand Dollar Drops to 20 day Average

2012-02-15 05:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Drops to 20 day Average

Prepared by Jamie Saettele, CMT

The NZDUSD carved out a key reversal on Wednesday for the first time since October 4th, 2011 (that one was bullish). Price has also dropped to test its 20 day average for the first time since 12/29. Given the key reversal, I’m leaning towards the idea that the move into today’s high completed 5 waves up from the December low (and perhaps a corrective rally from the November low) but want to leave open the possibility of a new high as long as price is above 8249. Resistance is 8290, 8320, and 8350.

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