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NZDUSD Potential Channel Support Just above 7800

NZDUSD Potential Channel Support Just above 7800

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Potential Channel Support Just above 7800

Prepared by Jamie Saettele, CMT

“The NZDUSD carved out a bearish key reversal last Thursday. This was 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 trend is down towards 7750 and 7650. What’s unclear is whether or not price declines from above or below Monday’s high. In summary, I am bearish but would view a pop above 7918 as a gift to increase short exposure.

LEVELS: 7750 7810 7840 7885 7920 7940

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