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NZDUSD Former Base Channel Rejected Rally

NZDUSD Former Base Channel Rejected Rally

2012-06-11 22:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Former Base Channel Rejected Rally

Prepared by Jamie Saettele, CMT

The NZDUSD opened Sunday night at the former base channel. Former base channels in early downtrends often act as resistance once broken. As is the case across the board, a stronger USD is favored towards Friday lows and early month range. 7595-7620 is of particular interest for the NZDUSD.

LEVELS: 7550 7600 7650/60 7710 7750 7785

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

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