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NZDUSD Short Term Fibonacci Objectives Reinforce Levels

NZDUSD Short Term Fibonacci Objectives Reinforce Levels

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Short Term Fibonacci Objectives Reinforce Levels

Prepared by Jamie Saettele, CMT

“The combination of price pattern since the late February top and key reversal on Friday warrants a bearish stance against 8320. Resistance from December and the 100% extension of the 8471-8061 decline at 7878-7908 define the target area.” 7908 intersects channel support on 4/30. From a very short term perspective, yesterday’s advance to 8235 may have completed a small 2nd wave. Expect fireworks today as CPI is due at 6:45 pm EST.

Bottom Line (next 5 days) – lower

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