FOREX Technical Analysis: NZD/USD Drop Would Present Bullish Opportunity

RELATED QUOTES

SymbolPriceChange
NZDUSD=X0.8615-0.0033

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Drop Would Present Bullish Opportunity

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The NZDUSD has headed straight up since 8170. Given the reaction at channel resistance Thursday and Friday’s inside day, 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 to or below 8300 would present an opportunity to buy against 8170 for a move towards 8550 by the end of the year.

LEVELS: 8237 8267 8308 8355 8400 8472

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Market Data

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    Currencies
    NamePriceChange% Chg
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    USDSGD=X
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    EURSGD=X
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    6.2023+0.015+0.24%
    SGDHKD=X
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    SGDMYR=X
    9,182.8838+57.874+0.63%
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    SGDCNY=X
    1.1733+0.0002+0.02%
    AUDSGD=X
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    1,300.40+0.10+0.01%
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    CLK14.NYM
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    N21.SI
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    JS8.SI
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    B20.SI
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    567.SI
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    5VT.SI
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