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NZDUSD Hits -3rd Standard Deviation Band

NZDUSD Hits -3rd Standard Deviation Band

2012-05-03 23:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Hits -3rd Standard Deviation Band

Prepared by Jamie Saettele, CMT

“A NZDUSD drop under 8057 is needed to trigger a breakout towards 7880. Until then, respect the range and potential for a more complex correction that ends above 8318.” The drop under 8057 triggers a breakout BUT expect consolidation / pullback. Price touched the -3rd standard deviation band (20 day). This is a function of a sharp move in a low volatility environment. Volatility is increasing but there will be fits and starts. While I believe this breakout, I prefer scaling in on rallies into 8050/90 with a stop above 8190. Downside levels of interest are 7880 (December resistance) and the January low at 7741.

Ideas: short on strength into 8050/90, stop 8190

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