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NZDUSD Big Level is Tested and Rejected

NZDUSD Big Level is Tested and Rejected

2012-05-24 15:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Big Level is Tested and Rejected

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.” The NZDUSD traded to the December low of 7460 and immediately reversed yesterday. The November low remains of interest at 7370 but this kind of ‘action’ (a big level is tested and rejected) typifies the early part of a countertrend move. The AUDUSD spiel on trading corrections applies. It’s best to keep the former base channels on your charts. The underside of these lines tends to act as resistance as time passes.

LEVELS: 7813 7757 7680 7623 7460 7370

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