New Zealand Dollar Trading in Tight Range

  • Support: 0.6950
  • Resistance: 0.7025
  • NZDUSD remains range-bound, however, as Technical Strategist Jamie Saettele noted today: “a 4th wave correction may be complete or close to complete at .7026. The 38.2% of .7701-.6639 is at .7045 and is potential resistance. A drop under .6639 would make the decline from the top (.8108) 5 waves. A large upward correction would follow.”

[B]NZDUSD (Daily Chart)

[/B]Prepared by DailyFX Research Team
Source: Bloomberg