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

RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.6970-0.0048

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
    1.3466+0.0044+0.33%
    USDSGD=X
    1.5566+0.0095+0.62%
    EURSGD=X
    1.9712+0.0029+0.15%
    GBPSGD=X
    78.6517-0.669-0.84%
    SGDJPY=X
    5.7624-0.0192-0.33%
    SGDHKD=X
    2.9389+0.0194+0.66%
    SGDMYR=X
    9,798.9707+25.4473+0.26%
    SGDIDR=X
    4.8151-0.0085-0.18%
    SGDCNY=X
    1.0146-0.0138-1.34%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,299.20+3.40+0.26%
    GCM16.CMX
    17.59-0.09-0.52%
    SIN16.CMX
    90.73-2.12-2.28%
    ^XAU
    2.24-0.02-0.99%
    HGN16.CMX
    44.38-0.40-0.89%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32+0.04
    ^FVX
    1.87+0.05
    ^TNX
    2.72+0.05
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.106-0.001-0.93%
    5I0.SI
    0.43-0.03-6.52%
    N21.SI
    1.295+0.010+0.78%
    N03.SI
    0.099-0.003-2.94%
    5DN.SI
    0.133+0.002+1.53%
    40E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.78+0.08+12.23%
    5ER.SI
    0.23+0.03+12.20%
    5UZ.SI
    0.187+0.017+10.00%
    A55.SI
    0.33+0.03+10.00%
    BOU.SI
    0.58+0.04+8.41%
    BEI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.166-0.054-24.55%
    O08.SI
    0.40-0.10-20.00%
    AWC.SI
    0.225-0.045-16.67%
    S46.SI
    0.175-0.024-12.06%
    D79.SI
    0.25-0.03-10.71%
    5PC.SI