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  • The $AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/sofO135ElG
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NZDUSD Reverses from Well Defined Resistance

NZDUSD Reverses from Well Defined Resistance

2012-07-09 20:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Reverses from Well Defined Resistance

Prepared by Jamie Saettele, CMT

The NZDUSD reversed pips just pips in front of the 61.8% retracement of the decline from the February high. The impulsive decline from 8075 and break of channel support shifts focus towards the 6/28 low at 7940, several short term pivots from June at 7750/85 and former resistance at 7650. The implications from daily RSI reversing in front of 70 apply here as well (see AUDUSD text).

LEVELS: 7920 7960 7995 8080 8100 8160

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