Singapore Markets open in 4 hrs.

FOREX Technical Analysis: NZD/USD Nearing December Low

Jamie Saettele, CMT

Weekly Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Nearing December Low

Chart Prepared by Jamie Saettele, CMT


FOREXAnalysis: I wrote last week that “at the current juncture, weakness probably proves corrective (4th wave within rally from 11/16 low). Support is 8355/75. While I still expect weakness to prove corrective, today’s NZDJPY analysis suggests that we keep an open mind.” Weakness is proving impulsive, raising the possibility that a significant high is in place. Look towards 8170 near term.


FOREXTrading Strategy: Stops on shorts should be moved down to 8350.

LEVELS: 8052 8125 8170 8251 8300 8345

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.