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NZDUSD Correction Complete at 8238?

NZDUSD Correction Complete at 8238?

2012-10-09 00:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Correction Complete at 8238?

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.” After making it to 8238 Tuesday, the NZDUSD rolled over and has now traded below 8148. A bearish bias is warranted against 8238.

LEVELS: 8011 8079 8148 8237 8265 8298

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