FOREX Technical Analysis: NZD/USD Slams into Short Term Channel and Reverses

RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.6650-0.0003

Daily Bars

FOREX_Technical_Analysis_NZDUSD_Slams_into_Short_Term_Channel_and_Reverses_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Slams into Short Term Channel and Reverses

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “Bigger picture, the NZDUSD appears quite bullish as the decline from 8355 is in 3 waves (corrective) and the rally from 8052 is in 5 waves. The question at this point is whether the decline from 8267 is complete or simply part of a larger correction that ends below 8170 and closer to the estimated 8125/35 support.” The NZDUSD has headed straight up since 8170. Given the reaction at channel resistance today, 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 into 8240 would be worthy of bullish consideration against 8170.

LEVELS: 8124 8170 8188 8355 8400 8472

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3705+0.0015+0.11%
    USDSGD=X
    1.5050+0.0021+0.14%
    EURSGD=X
    2.1373+0.0015+0.07%
    GBPSGD=X
    90.4588-0.1113-0.12%
    SGDJPY=X
    5.6557-0.0063-0.11%
    SGDHKD=X
    2.7848-0.001-0.04%
    SGDMYR=X
    9,828.3242-25.2266-0.26%
    SGDIDR=X
    4.5308-0.0038-0.08%
    SGDCNY=X
    1.0001+0.0021+0.21%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,096.00+3.40+0.31%
    GCQ15.CMX
    14.80+0.06+0.39%
    SIU15.CMX
    48.37+0.90+1.91%
    ^XAU
    2.410.00+0.17%
    HGU15.CMX
    48.86+0.07+0.14%
    CLU15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.61+0.02
    ^FVX
    2.28+0.03
    ^TNX
    2.99+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.3150.0000.00%
    5WA.SI
    0.136-0.005-3.55%
    5DN.SI
    0.325-0.015-4.41%
    E5H.SI
    0.88+0.05+6.02%
    5ME.SI
    0.37+0.04+12.12%
    Y35.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.36+0.06+18.03%
    UD2.SI
    0.134+0.018+15.52%
    40F.SI
    0.50+0.06+12.36%
    BAZ.SI
    0.37+0.04+12.12%
    Y35.SI
    1.12+0.12+12.00%
    AXL.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.23-0.05-17.86%
    AWS.SI
    0.24-0.05-17.24%
    E94.SI
    0.30-0.03-10.45%
    B49.SI
    0.127-0.012-8.63%
    5WH.SI
    0.14-0.01-7.89%
    583.SI