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Wednesday, June 13, 2012

Is NZD/USD ready for a decline to 0.7390?

NZD/USD - Just a short follow-up to my post from yesterday (see it here:  http://theelliottwavesufer.blogspot.dk/2012/06/nzdusd-ready-for-decline-to-07390.html)
As I said yesterday the ideal resistance was at 0.7780, which we have now surpassed as the high have been 0.7807, which do open for a possibility of a continuation higher towards 0.7840, but any further upside from here will be hard won. The risk is more towards the downside, than the upside from here.

Short term a break below support at 0.7721 will be the first indication that the top is in place, while a break below 0.7667 is needed to confirm the top for a decline towards the ideal wave 5 target at 0.7390, which should end wave A down.

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