Technicals | Sep 30 2011
By Jamie Saettele
Prepared by Jamie Saettele, CMT
Despite the rally from 9620, the 4th wave interpretation remains favored. Moves since the low (9620) are in 3 waves (see NZDUSD-same pattern), which is suggestive of a triangle pattern or flat. In the case of a triangle, the recent range would tighten before price breaks to a new low. Bearish objectives remain the November 2010 low at 9534 and the 2009-2010 double top at 9400. This larger bearish count is valid against 10180. Interim support comes in at 9775-9800.
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