NZDUSD Lags as 8237 Remains Short Term Pivot
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. You may also wish to take a look at EURNZD.
LEVELS: 8011 8079 8144 8237 8265 8298
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.