The NZDUSD has found resistance at the confluence of the 61.8% retracement / short term trendline. The rally from 6804 is in 3 waves (corrective), which leaves the NZDUSD vulnerable. The next major support for the NZDUSD is not until 6600. A Fibonacci confluence at 6365-6465 serves as a bearish objective. A drop below 6890 should be enough to suggest that the larger downtrend has resumed.
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].