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NZDUSD Traders Awaiting Break

NZDUSD Traders Awaiting Break

2012-03-21 21:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Traders Awaiting Break

Prepared by Jamie Saettele, CMT

The NZDUSD declined sharply at the beginning of March but has swung wildly in a range for the last 12 days. The 4th wave interpretation remains valid as long as price is above 8060 but confidence is low as trend indicators are starting to turn bearish. The 20 day average exhibits negative slope, and is on the verge of crossing the 50 day average. A break below 8060 would shift focus to 7980 and 7910. 8180 and 8220 are resistance.

Bottom Line (next 5 days) – ?

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