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New Zealand Dollar Risk on Longs Moved to 8320

New Zealand Dollar Risk on Longs Moved to 8320

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Risk on Longs Moved to 8320

Prepared by Jamie Saettele, CMT

Like the AUDUSD, the NZDUSD has traded in a corrective manner for most of February. Specifically, the pattern is probably a 4th wave and the upside is favored in wave 5. Also like the AUDUSD, the rally from today’s low may compose the beginning of a small degree 3rd wave. If this assessment is correct, then expect the rally to accelerate in the next few days. A short term objective above 8428 is the 161.8% extension of the 8263-8396 rally, at 8537 (the 8/31/11 high is at 8371).

Bottom Line – Higher

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