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New Zealand Dollar 20 Day Average Holds as Support

New Zealand Dollar 20 Day Average Holds as Support

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar 20 Day Average Holds as Support

Prepared by Jamie Saettele, CMT

Choppy action since 2/8 has cleared weak longs and the NZDUSD is free to move higher and test the 8/31/11 high at 8572. The 78.6% retracement of the decline from the 2011 high comes in at 8527. Expectations are for a final bull leg that completes the entire rally from the 2011 low. 8315 is support.

Bottom Line – Long, stop 8245, target open

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