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NZDUSD Range is Smallest Since July 30

NZDUSD Range is Smallest Since July 30

2012-10-11 22:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Range is Smallest Since July 30

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.” I turned bearish 2 days ago when price traded below the Monday low. The risk level was 8238. Price remains below 8238 but it’s just as telling that price hasn’t broken down. Being bearish at the current level is assuming unnecessary risk in a quiet sideways market that is holding support. 8275 remains of interest.

LEVELS: 8011 8079 8144 8237 8275 8298

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