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NZDUSD Testing Major Neckline

NZDUSD Testing Major Neckline

2012-05-22 17:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Testing Major Neckline

Prepared by Jamie Saettele, CMT

The NZDUSD easily sliced through the trendline that extends off of the 2009 and late 2011 lows but is currently testing the more important head and shoulders neckline that extends off of the March 2011 and November 2011 lows. Like the AUDUSD, near term focus is lower against 7676 towards the November low (and November gap) at 7370 and 7440. Exceeding 7676 would shift focus to 7757. The former base channel lines are also resistance now as well.

LEVELS: 7813 7757 7676 7521 7440/60 7370

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