FOREX Technical Analysis: NZD/USD Inside Day Forms after 2012 High is Recorded

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NZDUSD=X0.7206+0.0006

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eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Inside Day Forms after 2012 High is Recorded

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Monday’s inside day wasn’t the follow through that bulls were looking for after a 2012 high was registered Friday. Long time readers will know that I find inside days at key levels useful in trade construction. At the current juncture, weakness probably proves corrective (4th wave within rally from 11/16 low). Support is 8355/75.

FOREXTrading Strategy: “Price is probably close to at least a drop into former resistance at 8355. I’ll be looking for the drop to unfold in a corrective manner.”

LEVELS: 8309 8355 8390 8476 8572 8600

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