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NZDUSD Dips Below Late September Low

NZDUSD Dips Below Late September Low

2012-10-03 23:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Dips Below Late September Low

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

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