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NZDUSD Drops into Support from Late August Pivot

NZDUSD Drops into Support from Late August Pivot

2012-09-24 23:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Drops into Support from Late August Pivot

Prepared by Jamie Saettele, CMT

The NZDUSD declined sharply Monday and tested the 8/23 high as support in the process. The response at that level is encouraging but failure to hold above Monday’s low would expose 8130/40 (23.6% of rally from June low, 20 day average, former congestion) and possibly 8080 (9/10 low). Exceeding 8256 would put the bull back on track.

LEVELS: 8080 8133 8197 8256 8307 8353

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