NZDUSD Dips Below Late September Low
240 Minute Bars
Prepared by Jamie Saettele, CMT
“There is no need to complicate matters, the NZDUSD traded to its highest level since March 2 and reversed sharply last week. The reversal occurred pips from the close of the day that produces the high so far for 2012 (2/29/12 at 8341…today’s high was 8356). A key reversal with several volatility conditions attached, JSpike, occurred Friday as well. A break of 8185 would signal that a top is probably in place. Focus would then shift to 8010 and 7800.” Although longer term bearish, the dip below 8182 probably conditioned the market for a short squeeze and near term bullish opportunity. 8229 is initial resistance but former support at 8264 is probably stronger.
LEVELS: 8079 8127 8173 8229 8264 8298