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

RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.7164+0.0032

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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