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
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