Prepared by Jamie Saettele, CMT
There is no need to complicate matters, the NZDUSD traded to its highest level since March 2 and reversed sharply last week. The reversal occurred pips from the close of the day that produces the high so far for 2012 (2/29/12 at 8341…today’s high was 8356). A key reversal with several volatility conditions attached, JSpike, occurred Friday as well. A break of 8185 would signal that a top is probably in place. Focus would then shift to 8010 and 7800.
LEVELS: 8125 8200 8265 8294 8323 8356
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