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NZDUSD Reverses from 20 Day Low

NZDUSD Reverses from 20 Day Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZDUSD Reverses from 20 Day Low

Prepared by Jamie Saettele, CMT

The NZDUSD traded to its lowest level since 9/11 Sunday night before rebounding sharply throughout the day. It’s interesting that the low is just a few above the 9/7 large range day high and trendline that extends off of the 6/1 and 9/5 lows. That line is at 8112 on Tuesday. The market response in front of these levels is bullish. Risk on longs should be kept to the Monday low as a drop below would shift focus to 8011. Confidence in the upside is low as per intramonth seasonality.

LEVELS: 8011 8079 8129 8237 8275 8298

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