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NZDUSD Short Term Key Level is 8200

NZDUSD Short Term Key Level is 8200

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Short Term Key Level is 8200

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. Near term, look lower as long as price is below 8200. Exceeding that level would probably trigger a run at 8250/60 before the turn down.

Bottom Line (next 5 days) – lower

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