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NZDUSD Fibonacci Relationships at 8135 and 8187

NZDUSD Fibonacci Relationships at 8135 and 8187

2012-07-25 20:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Fibonacci Relationships at 8135 and 8187

Prepared by Jamie Saettele, CMT

“The NZDUSD bullish key reversal today turns the tables and probably completed a flat from 8075. If the interpretation is correct, then the next few weeks should see 8075 exceeded and the trendline that extends off of the 2011 and 2012 highs to the test.” Today’s action reaffirms yesterday’s comments. Bigger picture, the rally from the June 1 high is probably wave c within a triangle from the November low (B wave triangle). Levels to watch for a top are 8135 (c = 61.8% of a) and 8190 (61.8% extension of 7455-8075 rally). The latter level is in line with trendline resistance next week.

LEVELS: 7930 7955 7980 8075 8135 8187

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