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NZDUSD Rally is in a Corrective 3 Waves

NZDUSD Rally is in a Corrective 3 Waves

2012-08-21 19:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Rally is in a Corrective 3 Waves

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 NZDUSD just took out the 8140 key level but quickly reversed. In fact, the rally from 8036 channels as a textbook correction (parallel). Any additional upside thrusts (if they occur) should encounter supply near 8160. Ultimately, the next triangle leg would probably bring price back near 7700. Viewed in that light, there is no reason to be bullish at these levels.

LEVELS: 7990 8036 8100 8140 8160 8223

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