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NZDUSD Creeps Towards 8080 Fibonacci Level

NZDUSD Creeps Towards 8080 Fibonacci Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Creeps Towards 8080 Fibonacci Level

Prepared by Jamie Saettele, CMT

Like the AUDUSD, the NZDUSD is at levels not seen since early May. Bulls must contend the 61.8% retracement of the decline from the February high at 8082 and 4/23 low at 8087. I’m on the lookout for a top and reversal. Like the AUDUSD, the top may have been put in this morning with the key reversal on the 240 minute bar (9 am est).

LEVELS: 7920 7960 7995 8080 8100 8160

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