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NZDUSD 20 Day Average Holds as Resistance

NZDUSD 20 Day Average Holds as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD 20 Day Average Holds as Resistance

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

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

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