NZDUSD 20 Day Average Holds as Resistance
240 Minute Bars
Prepared by Jamie Saettele, CMT
“The combination of price pattern since the late February top and key reversal on 4/13 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.” Resistance above today’s high comes in at 8230. Beware of a false breakout below 8087 as a flat correction is possible.
Bottom Line (next 5 days) – sideways/down