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NZDUSD Drops for 6th Consecutive Day

NZDUSD Drops for 6th Consecutive Day

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Drops for 6th Consecutive Day

Prepared by Jamie Saettele, CMT

The NZDUSD dropped for the 6th straight day. As is the case in general for most USD pairs, expect additional sideways / slightly higher trade over the next few days into 7985-8040. Shorts are favored into this zone with a stop above 8100. The logic behind the stop at that level is that if a larger downtrend is underway, then price shouldn’t return to the previous range.

Ideas: short on strength into 7985-8040, stop 8100

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