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NZDUSD Drifts into 50% Retracement of Decline

NZDUSD Drifts into 50% Retracement of Decline

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Drifts into 50% Retracement of Decline

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. Strength could extend into 7950 but reward/risk is favorable against 8015 even at the current level. Each tick higher increases reward/risk for bears.

LEVELS: 7750 7810 7840 7950 7972 8016

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