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NZDUSD Divergence with AUDUSD Warns of Bounce

NZDUSD Divergence with AUDUSD Warns of Bounce

2012-03-29 23:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Divergence with AUDUSD Warns of Bounce

Prepared by Jamie Saettele, CMT

The NZDUSD has spent most of March swinging wildly between 8100 and 8250. Price did drop under 8140 but failed to break below 8057 which leaves divergence with the AUDUSD and also warns of a turn up in both currencies before the next bear leg in April. The AUDUSD has obviously been the better play and there isn’t much reason for that change (except for short term corrections) as the next AUDNZD support isn’t until 12317. Still, resistance is 8220, 8265, and 8300. Shorts are favored into resistance against the March high.

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

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