Advertisement
Singapore markets closed

  • Straits Times Index

    3,287.75
    -5.38 (-0.16%)
     

  • S&P 500

    5,007.51
    -64.12 (-1.26%)
     

  • Dow

    37,829.78
    -631.14 (-1.64%)
     

  • Nasdaq

    15,456.90
    -255.85 (-1.63%)
     

  • Bitcoin USD

    63,480.02
    -1,603.78 (-2.46%)
     

  • CMC Crypto 200

    1,368.92
    -13.66 (-0.99%)
     

  • FTSE 100

    8,066.30
    +25.92 (+0.32%)
     

  • Gold

    2,344.00
    +5.60 (+0.24%)
     

  • Crude Oil

    82.30
    -0.51 (-0.62%)
     

  • 10-Yr Bond

    4.7080
    +0.0560 (+1.20%)
     

  • Nikkei

    37,628.48
    -831.60 (-2.16%)
     

  • Hang Seng

    17,284.54
    +83.27 (+0.48%)
     

  • FTSE Bursa Malaysia

    1,569.25
    -2.23 (-0.14%)
     

  • Jakarta Composite Index

    7,155.29
    -19.24 (-0.27%)
     

  • PSE Index

    6,574.88
    +2.13 (+0.03%)
     

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

Jamie Saettele, CMT

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
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.

ADVERTISEMENT

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.