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New Zealand Dollar Daily Key Reversal

New Zealand Dollar Daily Key Reversal

2012-02-29 02:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Daily Key Reversal

Prepared by Jamie Saettele, CMT

The NZDUSD also carved out a key reversal today. Interestingly, the high was registered right at the line that is used to estimate the right shoulder of a head and shoulders pattern (line parallel to neckline is extended from left shoulder). Of course, we don’t know if a multiyear head and shoulders is unfolding yet or not but this method is anticipatory. Resistance extends to 8410. A drop below Monday’s low at 8322 would increase confidence in a reversal.

Bottom Line – sideways / lower

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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