NZDUSD Near Term Focus Towards 7800
240 Minute Bars
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.” After slightly exceeding 7950, the NZDUSD reversed all of this week’s gains in a replay of last Thursday. Look lower, allowing of course for a drifter into 7900.
LEVELS: 7750 7810 7840 7900 7930 7963
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