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NZDUSD Outside Day Near Top of Range

NZDUSD Outside Day Near Top of Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Outside Day Near Top of Range

Prepared by Jamie Saettele, CMT

The NZDUSD remains in a range. Failure near the top of the range is bearish but “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.” Price is currently in the middle of its range at nearly every degree of trend (52 week, 60 day, 20 day, 5 day). The middle of a range is usually the most unpredictable. In any case, continued weakness targets 8115.

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

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

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