60 Minute Bars
Prepared by Jamie Saettele
The NZDUSD has traded to a fresh 2011 low but did carve out a key reversal on Wednesday. Key reversals do have a history of calling turns but the wave count is bearish with a 3rd wave possibly underway from the February high. A drop below 7342 would confirm that the NZDUSD completed wave b of a flat in late 2010 and is headed for an eventual drop below 6560. Near term risk is higher as per the 5 waves down from 7824. The former 4th wave extreme is resistance at 7655.