NZDUSD Exceeds Last Week’s High
Prepared by Jamie Saettele, CMT
Similar to the AUDUSD, a 4th wave interpretation of the decline from 8470 is valid. The combination of support from the Elliott channel / 38.2% retracement of the rally from 7460 and daily key reversal last Thursday portend a bullish resolution in the coming weeks. The next few days are vulnerable to choppy conditions given the potentially completed 5 waves from 8060. A dip would present the next bullish opportunity. Expect support at 8150/75.
Bottom Line (next 5 days) – sideways / higher
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