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

RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.7564+0.0056

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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
    1.3621-0.0034-0.25%
    USDSGD=X
    1.5251-0.0018-0.12%
    EURSGD=X
    2.0942-0.0035-0.17%
    GBPSGD=X
    87.7129-0.2805-0.32%
    SGDJPY=X
    5.6932+0.0136+0.24%
    SGDHKD=X
    2.6656+0.0064+0.24%
    SGDMYR=X
    9,529.8232+12.4199+0.13%
    SGDIDR=X
    4.6065+0.0125+0.27%
    SGDCNY=X
    1.0671+0.0074+0.70%
    AUDSGD=X
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    NamePriceChange% Chg
    1,220.00+6.90+0.57%
    GCJ15.CMX
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    ^XAU
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    HGK15.CMX
    49.23-0.53-1.07%
    CLJ15.NYM
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    E5H.SI
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    41H.SI
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    5WA.SI
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    PH0.SI
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    G31.SI
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