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FOREX Technical Analysis: NZD/USD Bullish Position is Valid above 8322

By , Sr. Technical Strategist
23 January 2013 21:06 GMT

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Bullish Position is Valid above 8322

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The NZDUSD continues to trade near multiyear highs. The latest dip, from 8460, is in 3 waves and suggests that the trend is bullish. As long as price is above the terminus of that 3 wave pattern (8323), I see no reason to fight strength.

FOREXTrading Strategy: Longs were taken Friday. Like the AUDUSD, last week’s low (in this case Thursday’s low) now serves as the pivot.

LEVELS: 8323 8360 8391 8476 8571 8600

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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23 January 2013 21:06 GMT