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NZDUSD at 38.2% Retracement of Rally from 7460

NZDUSD at 38.2% Retracement of Rally from 7460

2012-03-14 21:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD at 38.2% Retracement of Rally from 7460

Prepared by Jamie Saettele, CMT

I got whipsawed badly on the NZDUSD as price fell the most since 11/9/11. Similar to the AUDUSD, a 4th wave interpretation of the decline from 8470 is valid. Price has reached the confluence of channel support and the 38.2 % retracement of the rally from 7460 (wave 3). From a trading standpoint, buying into such sharp weakness without an objectively defined stop level is never a good idea. The next supports are 8040 (1/25 low) and 7980 (1/12 high). Resistance for Thursday is 8130/50.

Bottom Line (next 5 days) – bottoming?

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