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NZDUSD Plunges 8% in May

NZDUSD Plunges 8% in May

2012-05-31 23:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Plunges 8% in May

Prepared by Jamie Saettele, CMT

The NZDUSD has held up better than the AUDUSD this week and this morning’s piece highlighted the divergence that is typical at near term turns. By near term turn, I am looking for a pop into 7700 before the next bear leg. The goal for June should be to align with the larger bear trend, which is difficult to do psychologically given the extent of the decline. 7675-7720 is resistance. We’ll deal with targets when we get there but it’s worth noting that the NZDUSD is slipping below the long term head and shoulders neckline.

LEVELS: 7290 7370 7455 7575 7680 7750

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