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EURUSD Still Owed a Breakout Post-ECB, S&P 500’s Hopes with PMIs a Long-Shot
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NZDUSD Stair Step Lower to Accelerate

NZDUSD Stair Step Lower to Accelerate

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Stair Step Lower to Accelerate

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 8190. Exceeding that level would probably trigger a run at 8240 before the turn down.

Bottom Line (next 5 days) – lower

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

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