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
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