NZDUSD Short Term Fibonacci Objectives Reinforce Levels
240 Minute Bars
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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