We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • So far this week, those fortunes have flipped as the Nasdaq is working on its second consecutive down-day while the Dow has, so far, rallied through both sessions. Get your #equities technical analysis from @JStanleyFX here:https://t.co/uafQxTayEY https://t.co/7iGh15koeL
  • That was an impressive recovery from the #SP500 during the #WallStreet session. What's interesting to see is the pro-risk #AUD and #NZD being unable to capitalize nearly as much versus stocks. Could momentum be fading? #USD $AUDUSD $NZDUSD https://t.co/YBg6wzgG2i
  • The U.S. House passes the Uyghur Human Rights Policy Act $FXI $USDCNH
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.25% 🇨🇦CAD: 0.20% 🇯🇵JPY: -0.16% 🇨🇭CHF: -0.27% 🇦🇺AUD: -0.43% 🇬🇧GBP: -0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WUkvzm2KzY
  • Silver has been beaten handily by gold in the rush to haven assets inspired by the contagion. However, the gold/silver ratio was rising steadily before this crisis and will probably continue to do so. Get your #silver market update from @DavidCottleFX here:https://t.co/00DiZn6XZS https://t.co/ygkaj7nHr6
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 0.83% Gold: 0.06% Oil - US Crude: -2.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fmPVQRIybZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.90%, while traders in US 500 are at opposite extremes with 73.90%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dvBsnLVAGy
  • 👏👏👏 https://t.co/Yikta9i2QK
  • #Gold prices are in correction off the monthly / yearly high with the pullback now approaching initial levels of up-trend support. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/9gCzcf1MwK https://t.co/IbIiloSSuG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.60% Germany 30: 0.59% FTSE 100: 0.52% Wall Street: 0.03% US 500: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/APGSoSp9Ig
NZDUSD Tests December Resistance as Support

NZDUSD Tests December Resistance as Support

2012-05-08 13:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

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)

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

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.

DISCLOSURES

News & Analysis at your fingertips.