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NZDUSD Inside Day Under 8000 Figure

NZDUSD Inside Day Under 8000 Figure

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Inside Day Under 8000 Figure

Prepared by Jamie Saettele, CMT

“The NZDUSD continues to subdivide higher and is nearing a cluster of technical resistance from the March low, 61.8% retracement of decline from February high and trendline that extends off of 2012 highs. 7950 is short term support. Even a drop below the Monday low (7886) would still encounter support from the steep trendline (near 7810 Wednesday).” Today’s inside day probably composes part of a small 4th wave. A dip would likely encounter support between 7870 and 7885 before a final high is registered later in the week.

LEVELS: 7850 7885 7914 8000 8060 8100

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