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NZDUSD Near Term Focus is on 8265/76 Resistance Zone

NZDUSD Near Term Focus is on 8265/76 Resistance Zone

2012-10-08 22:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Near Term Focus is on 8265/76 Resistance Zone

Prepared by Jamie Saettele, CMT

It’s possible of course that a longer term top is in place but there are several reasons to look towards at least 8265/77 as long as price is above Monday’s low. First, the decline from the top is in 5 waves and suggests at least a 3 wave correction. Second and more importantly, price has failed to extend lower following Friday’s decline which raises the possibility of a false breakout. Anything constructive is negated on a drop below 8148 although bears would still have to contend with the 9/7 large range close at 8119.

LEVELS: 8001 8079 8148 8223 8264 8298

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