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

RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.6701+0.0005

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3800-0.0002-0.01%
    USDSGD=X
    1.5331-0.001-0.07%
    EURSGD=X
    2.0175+0.0013+0.07%
    GBPSGD=X
    80.2174+0.2326+0.29%
    SGDJPY=X
    5.6279+0.0007+0.01%
    SGDHKD=X
    2.9641-0.0003-0.01%
    SGDMYR=X
    9,840.9434+1.4248+0.01%
    SGDIDR=X
    4.7599+0.0028+0.06%
    SGDCNY=X
    0.9915+0.0008+0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,211.00-11.70-0.96%
    GCQ16.CMX
    16.18-0.16-1.00%
    SIN16.CMX
    79.41-2.71-3.31%
    ^XAU
    2.11+0.01+0.40%
    HGN16.CMX
    49.68+0.20+0.40%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.39+0.04
    ^FVX
    1.85+0.03
    ^TNX
    2.65+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.305-0.005-1.61%
    N21.SI
    0.895+0.010+1.13%
    Y92.SI
    0.735+0.025+3.52%
    G13.SI
    3.93+0.07+1.81%
    Z74.SI
    1.0050.0000.00%
    C22.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.245+0.030+13.95%
    F86.SI
    0.255+0.025+10.87%
    PA3.SI
    0.275+0.025+10.00%
    K29.SI
    0.335+0.030+9.84%
    F03.SI
    0.62+0.05+7.83%
    BMA.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.405-0.120-22.86%
    AWE.SI
    0.22-0.04-15.38%
    BKZ.SI
    0.55-0.10-15.38%
    N0Z.SI
    0.455-0.075-14.15%
    BJE.SI
    0.145-0.019-11.59%
    5G1.SI