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New Zealand Dollar Breaks February Low-Support at 8140

New Zealand Dollar Breaks February Low-Support at 8140

2012-03-05 21:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, New Zealand Dollar Breaks February Low-Support at 8140

Prepared by Jamie Saettele, CMT

The NZDUSD carved out a key reversal last Wednesday. 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 but this method is anticipatory. The authoritative break below the February low warrants a bearish bias towards 8140 and 8080. Resistance is now 8250 and 8270/85.

Bottom Line – lower

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