New Zealand Dollar Risk on Longs Moved to 8320
60 Minute Bars
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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