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NZDUSD Trades Sideways Near Lows

NZDUSD Trades Sideways Near Lows

2012-06-05 22:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Trades Sideways Near Lows

Prepared by Jamie Saettele, CMT

“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).” The advance has stalled and sideways action in recent weeks may compose a triangle. A terminal thrust lower could test the 2011 low at 7370 before a larger recovery.

LEVELS: 7372 7455 7500 7603 7650 7675

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