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NZDUSD 7880 an Objective for Next Week

NZDUSD 7880 an Objective for Next Week

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD 7880 an Objective for Next Week

Prepared by Jamie Saettele, CMT

The NZDUSD traded to a new low for the month today. As mentioned yesterday, indicators connote bearish conditions; volatility is increasing, the 20 day average has rolled over, etc. Resistance is 8115/35 and a larger breakdown scenario is favored as long as price is below 8220. Near term objectives are the 100% extension of the 8470-8060 decline at 7880 (which is also the December high) and the January low at 7740.

Bottom Line (next 5 days) – lower

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

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