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

RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.7486-0.0099

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
    1.3711+0.0034+0.24%
    USDSGD=X
    1.5124-0.0031-0.20%
    EURSGD=X
    2.0913+0.0035+0.17%
    GBPSGD=X
    87.6299+0.1107+0.13%
    SGDJPY=X
    5.6565-0.0137-0.24%
    SGDHKD=X
    2.6696-0.0043-0.16%
    SGDMYR=X
    9,504.0381+0.1250.00%
    SGDIDR=X
    4.5708-0.0112-0.25%
    SGDCNY=X
    1.0672-0.002-0.19%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,197.50-3.40-0.28%
    GCJ15.CMX
    16.20+0.04+0.26%
    SIK15.CMX
    72.53-0.16-0.22%
    ^XAU
    2.65-0.01-0.26%
    HGK15.CMX
    50.95-0.58-1.13%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.57-0.03
    ^FVX
    2.11-0.01
    ^TNX
    2.720.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    100.015+0.0010.00%
    41H.SI
    0.139+0.004+2.96%
    5GB.SI
    0.280.000.00%
    5WA.SI
    0.41-0.02-3.53%
    E5H.SI
    0.95-0.01-1.55%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.22+0.03+15.79%
    B26.SI
    0.114+0.009+8.57%
    5TN.SI
    0.128+0.010+8.47%
    5G2.SI
    0.235+0.015+6.82%
    D79.SI
    0.695+0.035+5.30%
    TI6.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.11-0.02-14.73%
    5MD.SI
    0.61-0.06-9.63%
    O9E.SI
    0.20-0.02-9.09%
    B1N.SI
    0.21-0.02-8.70%
    5G1.SI
    0.305-0.025-7.58%
    T4B.SI