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NZDUSD Breakdown Level is Resistance at 8260

NZDUSD Breakdown Level is Resistance at 8260

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Breakdown Level is Resistance at 8260

Prepared by Jamie Saettele, CMT

“The NZDUSD is nearing a level, the confluence of the 200 day average, 1/18 high, and channel support, that is likely to produce bids (the channel support is at 8063 today and increases about 12 pips per day).” A drop below 8100 could complete 5 waves down from 8470 and give way to a rebound back towards 8250. I’m on the lookout for a low (between 8050 and 8080).

Bottom Line (next 5 days) – sideways

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

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