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Early Week Trading in NZDUSD and NZDJPY

Early Week Trading in NZDUSD and NZDJPY

2012-09-24 13:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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.)

My early week focus is on the NZDUSD and NZDJPY. The NZDUSD has dipped below last week’s low and now retraced the entire 9/13 (Fed) rally advance. Still, the momentum profile and presence of support down to 8140 (and especially 8165) warrants longs into that level. Price has already responded to the 8/23 high (8186) which is defended by the 100% extension of the decline from the top (2 equal legs). As such, it is possible that a low is in place. Exceeding 8250 would suggest that the next bull leg is underway. The NZDJPY has entered the 9/12-9/13 congestion zone and strong support is expected slightly lower near 6360 (9/13 low and 100% extension).

NZDUSD – 60 Minute Bars

Early_Week_Trading_in_NZDUSD_and_NZDJPY_body_nzdusd.png, Early Week Trading in NZDUSD and NZDJPY

Prepared by Jamie Saettele, CMT

NZDJPY – 60 Minute Bars

Early_Week_Trading_in_NZDUSD_and_NZDJPY_body_nzdjpy.png, Early Week Trading in NZDUSD and NZDJPY

Prepared by Jamie Saettele, CMT

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.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

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