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NZDUSD Sees Smallest 5 Day Range Since May 2007

NZDUSD Sees Smallest 5 Day Range Since May 2007

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Sees Smallest 5 Day Range Since May 2007

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). 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.” Continue to look lower towards 8070 and 8030 near term. These levels may produce a short term bounce if reached but a drop below 8070 would also increase confidence that the trend is down towards 7805 and below.

LEVELS: 7990 8030 8067 8100 8128 8163

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