New Zealand Dollar Consolidation Complete?

60 Minute Bars

Prepared by Jamie Saettele, CMT

Like the AUDUSD, the NZDUSD has traded sideways in a corrective manner for most of February. Specifically, the pattern is probably a 4th wave and the upside is favored (for at least the rest of the month) as long as price is above 8263. 8315/50 is support. The 8/31/11 high at 8572 is a bullish objective.

Bottom Line – Higher