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NZDUSD Blasts Higher in Largest Rally of Year

NZDUSD Blasts Higher in Largest Rally of Year

2012-06-06 21:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Blasts Higher in Largest Rally of Year

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 NZDUSD has rallied into the noted resistance zone. One possibility from 7460 is a flat (in AUDUSD too). In this case, price probably works a bit higher (but with a dip first) before reversing. Support is down near 7650 and resistance at 7750 and 7810.

LEVELS: 7372 7455 7500 7603 7650 7675

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