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NZDUSD Holding Up ahead of Gap

NZDUSD Holding Up ahead of Gap

2012-05-29 20:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Holding Up ahead of Gap

Prepared by Jamie Saettele, CMT

The strong reaction off of the December low is textbook. Like the AUDUSD, medium term traders should look for shorts near 7675 resistance. Short term traders may wish to trade higher towards that level with 7520/80 as support. It’s worth noting that the NZDUSD has held up better than the AUDUSD in early week trade and those looking for a dip into 9720/80 to get long might not get it.

LEVELS: 7370 7455 7520 7580 7675 7755 7820

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

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