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NZDUSD at 2nd Standard Deviation Band

NZDUSD at 2nd Standard Deviation Band

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD at 2nd Standard Deviation Band

Prepared by Jamie Saettele, CMT

The NZDUSD also realized its 2nd largest advance of the year (2nd to the 1/3 advance). Volatility has contracted to the point that price closed above its 2nd standard deviation band (20 day). This is worth noting because the initial break of a tight range is often a false break (this was noted with the USDJPY back in December and January). 8287-8320 is resistance. A pop above 8287 may complete the advance from 8060. 8240/50 is short term support.

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

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