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NZDUSD Reverses Sharply Intraday

NZDUSD Reverses Sharply Intraday

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Reverses Sharply Intraday

Prepared by Jamie Saettele, CMT

“Although longer term bearish, the dip below 8182 probably conditioned the market for a short squeeze and near term bullish opportunity. 8229 is initial resistance but former support at 8264 is probably stronger.” The NZDUSD reached the former but fell just shy of the latter. 8170/80 was defended AGAIN (lows on 9-12/24/26, 10-3/4 fall within this range) today. Respect potential for additional sideways/upside drift for the next few days into 8260. The elusive nature of NZDUSD tops requires that we do not rule out another run on 8300 either.

LEVELS: 8079 8127 8165 8233 8264 8298

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