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NZDUSD Rally in Limbo after Late Day Reversal

NZDUSD Rally in Limbo after Late Day Reversal

2012-03-08 00:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Rally in Limbo after Late Day Reversal

Prepared by Jamie Saettele, CMT

The NZDUSD rally from the low is corrective (3 waves) to this point, which leaves the door open for a test of the low (8099) in a 5th wave. Interim support comes in at 8200 but that level should give way easily if the suggested pattern is unfolding. Strength from the current level would test 8320. The preferred strategy is bearish.

Bottom Line (next 5 days) – down

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