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NZDUSD Trades to June-September Trendline

NZDUSD Trades to June-September Trendline

2012-10-16 21:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Trades to June-September Trendline

Prepared by Jamie Saettele, CMT

The NZDUSD responded well to the 9/7 close (JS Thrust day) and trendline that extends off of the June and September lows. Despite the reaction, monthly and weekly opening ranges have been broken to the downside which makes longs a risky proposition. Weakness below 8108 exposes 8080 and then 8011 (38.2% retracement of rally from the June low). Strength from the current level would face resistance at 8265. Given the contradictory evidence (bullish and bearish), I am currently neutral with the preference of buying lower and selling higher.

LEVELS: 8011 8079 8108 8154 8209 8238

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