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NZDUSD Straight Lines Higher from Trendline

NZDUSD Straight Lines Higher from Trendline

2012-10-17 23:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Straight Lines Higher from 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.” I’ll continue to look towards 8265 as long as the low holds (8108). The current level is too high risk for longs but watch for a response at supports (see below).

LEVELS: 8142 8161 8191 8232 8261 8298

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