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NZDUSD at Center of Range Across Multiple Trend Degrees

NZDUSD at Center of Range Across Multiple Trend Degrees

2012-03-28 22:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD at Center of Range Across Multiple Trend Degrees

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. Resistance is 8200/25. The title refers to the proximity of current price to the midpoint for the last 52 weeks (8105) and last 60 days (8122). In other words, the next move is important to longer term trend determination.

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

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