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NZDUSD Tests December Resistance as Support

NZDUSD Tests December Resistance as Support

Jamie Saettele, CMT, Sr. Technical Strategist

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IN GENERAL – continue to watch crude, which has been leading markets on the way down. Near term focus is on the December low and resistance is 9865. Ditto on copper (see below), which also exhibits a well-constructed 2 year head and shoulders top.

NZDUSD_Tests_December_Resistance_as_Support_body_copper.png, NZDUSD Tests December Resistance as Support

Prepared by Jamie Saettele, CMT

NZDUSD_Tests_December_Resistance_as_Support_body_dax.png, NZDUSD Tests December Resistance as Support

Prepared by Jamie Saettele, CMT

A 3rd wave interpretation is valid in the DAX. The implications are for acceleration of weakness towards 6170 (former resistance and 200 day SMA) although it is worth noting that price still faces trendline support.

Given the potential for an extended decline in everything (crude, copper, equities), I favor trading the AUDUSD and NZDUSD. There will be sharp short covering rallies along the way and aggressive traders may wish to trade from both the long and short side. The NZDUSD in particular is at support now. Levels are noted

AUDUSD – 10225 10165 10110 10045 9860

NZDUSD – 7990 7940 7880 78107740 (2012 low)

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.