New Zealand Dollar / US Dollar 02-10

The next major support for the NZDUSD is not until 6600. The rally from 6804 is in 3 waves (corrective), which leaves the NZDUSD vulnerable. A Fibonacci confluence at 6365-6465 serves as the bearish objective.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of [I]Sentiment in the Forex Market[/I]. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to [email protected].