FOREX Technical Analysis: NZD/USD Retraces Entire Opening Year Advance

Daily Bars

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The NZDUSD has been a trader's dream in recent weeks, swinging violently in a greater than 300 pip range. Viewed in light of the sharp decline from the December high, yesterday's sharp advance may be nothing more than the completion of an emotional 2nd wave.

FOREXTrading Strategy: From yesterday - "Shorting today's rally offers great reward/risk against 8475."

LEVELS: 8155 8194 8246 8290 8340 8396