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NZDUSD Technical Confluence Near 7650

NZDUSD Technical Confluence Near 7650

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Technical Confluence Near 7650

Prepared by Jamie Saettele, CMT

The NZDUSD easily sliced through the trendline that extends off of the 2009 and late 2011 lows. More importantly, price has dropped below the 2012 low (which had been made on the first trading day of the year) to mark an intrayear reversal. The late December pivot low at 7650 (also the 161.8% extension of the 8471-8061 decline) is just below the current level. Trendline supports are at about 7620 and 7550 over the next few days. The downside remains favored below 7823 towards 7620/50 but realize that momentum is getting to a level that has historically led to at least a countertrend move (the same can be said for the EURUSD and AUDUSD).

LEVELS: 7972 7900 7823 7740 7650 7620 7550

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