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NZDUSD Reverses Just Shy of Trendline

NZDUSD Reverses Just Shy of Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Reverses Just Shy of Trendline

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.” 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: 7990 8030 8068 8125 8172 8200

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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