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NZDUSD Still Lagging but Triangle Since June a Possibility

NZDUSD Still Lagging but Triangle Since June a Possibility

2012-07-19 19:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Still Lagging but Triangle Since June a Possibility

Prepared by Jamie Saettele, CMT

It remains noteworthy that the AUDUSD has exceeded the May high while the NZDUSD remains within its range. Divergence between closely related assets is common at important turns (and covered extensively in these pages). Looking at the NZDUSD on its own however, one must consider a triangle (B wave?) from the 6/21 high. If a triangle is indeed unfolding, then the NZDUSD probably drifts sideways for several days before breaking above 8075 in a terminal thrust. Even a drop below Thursday’s low would be tolerated in a triangle. Wait and see. The trendline that extends off of the 2011 and 2012 highs comes in at about 8210 next week. The May high is at 8187.

LEVELS: 7920 7970 8000 8075 8120 8187

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