NZDUSD Stair Step Lower to Accelerate

Daily 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. 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