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FOREX Technical Analysis: NZD/USD Drops into Short Term Trendline

By , Sr. Technical Strategist
24 January 2013 22:01 GMT

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Drops into Short Term Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The NZDUSD has also come off but nearly as much as the AUDUSD. 8360 is potential support. “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. Last week’s low (in this case Thursday’s low) now serves as the pivot.

LEVELS: 8291 8323 8360 8408 8445 8476

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24 January 2013 22:01 GMT