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NZDUSD Bearish Key Reversal is First Since April 13th

NZDUSD Bearish Key Reversal is First Since April 13th

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Bearish Key Reversal is First Since April 13th

Prepared by Jamie Saettele, CMT

The NZDUSD carved out a bearish key reversal today. This is the 4th bearish key reversal of the year. The other 3 were 2/15, 2/29 (high for 2012), and 4/13. The reversal and fact that the advance from the 6/1 low consists of 2 equal waves (exact equality would have been 8000) is a powerful combination. The NYSE TRIN implications apply mentioned in the AUDUSD commentary apply. In summary, expect sideways / higher action Friday before additional weakness next week.

LEVELS: 7750 7810 7840 7890 7915 7940

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