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NZDUSD Breaks Prior Low for First Time in August

NZDUSD Breaks Prior Low for First Time in August

2012-08-07 22:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Breaks Prior Low for First Time in August

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 yesterday) 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 increase confidence that a top is in place and that the next leg of the triangle is underway towards 7700. Information is sufficient at the current juncture to warrant a bearish bias against Tuesday’s high with8030 as an initial bearish objective.

LEVELS: 8068 8100 8123 8235 8317 8470

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