FOREX Technical Analysis: NZD/USD Drop Would Present Bullish Opportunity

RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.6880-0.0041

Daily Bars

FOREX_Technical_Analysis_NZDUSD_Drop_Would_Present_Bullish_Opportunity_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Drop Would Present Bullish Opportunity

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The NZDUSD has headed straight up since 8170. Given the reaction at channel resistance Thursday and Friday’s inside day, there is the possibility that the advance from 8052 composes wave B of a triangle or flat that began on 9/28. That scenario is not viewed as probable as long as price is above 8170 however. A Fibonacci confluence and August 2011 high intersects with a channel at the end of December

FOREXTrading Strategy: Weakness to or below 8300 would present an opportunity to buy against 8170 for a move towards 8550 by the end of the year.

LEVELS: 8237 8267 8308 8355 8400 8472

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3584+0.0058+0.43%
    USDSGD=X
    1.5608+0.0055+0.35%
    EURSGD=X
    1.9692+0.0033+0.17%
    GBPSGD=X
    78.7691-0.3961-0.50%
    SGDJPY=X
    5.7148-0.0244-0.43%
    SGDHKD=X
    2.9632+0.0154+0.52%
    SGDMYR=X
    9,847.9844+38.7344+0.39%
    SGDIDR=X
    4.7798-0.02-0.42%
    SGDCNY=X
    1.0130+0.0006+0.06%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,281.50-10.30-0.80%
    GCM16.CMX
    17.41-0.09-0.51%
    SIN16.CMX
    83.27-3.96-4.54%
    ^XAU
    2.18-0.04-1.62%
    HGN16.CMX
    43.91+0.26+0.60%
    CLM16.NYM
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    1.24-0.02
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    ^TYX

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    N21.SI
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    G13.SI
    3.76-0.07-1.83%
    Z74.SI
    0.385-0.005-1.28%
    E5H.SI
    0.730.000.00%
    Y92.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.48+0.08+20.00%
    BFK.SI
    0.194+0.019+10.86%
    D79.SI
    0.28+0.03+9.80%
    BHO.SI
    0.185+0.015+8.82%
    AYL.SI
    0.50+0.04+8.70%
    BQP.SI
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    % Losers
    NamePriceChange% Chg
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    AWK.SI