NZDUSD Intraweek Reversal Shifts Focus to 7990-8030
240 Minute Bars
Prepared by Jamie Saettele, CMT
“Bigger picture, the NZDUSD rally from the June 1 low 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 this week. The support zone is 7920/90.” The top at 8143 is in line with the 8135 measured level. Like the AUDUSD, look lower from here over the next few days but the structure of the decline from 8143 will determine the extent of our bearishness.
LEVELS: 7960 7990 8030 8100 8125 8143
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.