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New Zealand Dollar Consolidation Complete?

New Zealand Dollar Consolidation Complete?

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Consolidation Complete?

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

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