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NZDUSD Awaits Resolution to Range

NZDUSD Awaits Resolution to Range

2012-03-27 00:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Awaits Resolution to Range

Prepared by Jamie Saettele, CMT

The NZDUSD has spent most of March swinging wildly between 8100 and 8250. The comments regarding the AUDUSD lagging the stock market apply to the NZDUSD as well. A drop under Monday’s low (8140) would warrant a bearish bias in anticipation of a break below 8057 and continuation (ideally) towards former resistance at 7880.

Bottom Line (next 5 days) – sideways/lower?

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