NZD/USD Wipes Out May Losses; Reference Points at .8698 and .8740
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“NZDUSD found low at .8401. I remain of the mind that the top in May was important but stronger resistance is above .8600.” Well, today’s move makes it difficult to stay ‘of that mind’. A corrective rally should have found resistance near .8631. A possible zone of resistance is .8725/40 (161.8% extension and 5/6 close) but keep August 1st in mind, which is the date of the record free float high in 2011.
LEVELS: .8554 .8612 .8646 | .8695 .8740 .8780
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