Monday, February 15, 2010

Elliott Wave Bias - NZD/USD

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…looks like a double 3), 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.

Bias: SHORT

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