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NZDUSD 8235 May Produce Reaction

NZDUSD 8235 May Produce Reaction

2012-08-06 20:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD 8235 May Produce Reaction

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). The break above trendline resistance today (intraday…daily close was below) is not to be trusted, especially with the presence of the October 2011 and 4/30/12 highs at 8235/40. A drop below 8067 would suggest that a top is in place and that the next leg of the triangle is underway towards 7700.

LEVELS: 8068 8123 8162 8235 8317 8470

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