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NZDUSD Rejected at 52 Week Average

NZDUSD Rejected at 52 Week Average

2012-07-23 22:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Rejected at 52 Week Average

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).” A flat interpretation remains valid from the 7/5 high but the mentioned divergence and failure at the 52 week average are characteristic of something more bearish. I’ll attempt the short side on strength above 7920 with a stop above 80. A loose target is 7700.

LEVELS: 7700 7765 7840 7920 7945 7980

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