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NZDUSD Drops Below Trendline from 2009 and Late 2011 Lows

NZDUSD Drops Below Trendline from 2009 and Late 2011 Lows

2012-05-14 22:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Drops Below Trendline from 2009 and Late 2011 Lows

Prepared by Jamie Saettele, CMT

I’m looking towards the 2012 low at 7741 and late December pivot low at 7650 (also the 161.8% extension of the 8471-8061 decline). Trendline supports are at about 7650 and 7550 this week. The downside is favored below 7823 towards 7650. Exceeding that level would shift focus 7900 and 7975.

LEVELS: 7972 7900 7823 7740 7650 7550

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