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