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NZDUSD Tests 7800 and Parallel Channel Resistance

NZDUSD Tests 7800 and Parallel Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Tests 7800 and Parallel Channel Resistance

Prepared by Jamie Saettele, CMT

I wrote yesterday that “even in the event that Sunday’s night high doesn’t hold, resistance is still present from the Elliott channel (just above Sunday’s high) and bottom of mid-May congestion at 7810.” The NZDUSD reached 7810 and reversed. The always telling divergence between AUDUSD and NZDUSD was useful at calling a turn again as well (new high in NZDUSD but not in AUDUSD). In any case, the tag of Elliott channel resistance and 7810 makes me bearish at this level towards 7670.

LEVELS: 7620 7670 7720 7785 7810 7905

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