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NZDUSD Resistance at 7650

NZDUSD Resistance at 7650

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Resistance at 7650

Prepared by Jamie Saettele, CMT

Friday’s key reversal reinforces the idea that a short term correction started. 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 (downside potential is significant).

LEVELS: 7455 7500 7545 7595 7650 7675

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

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