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NZDUSD Trying to Base above 8108

NZDUSD Trying to Base above 8108

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_1_body_nzdusd.png, NZDUSD Trying to Base above 8108

Prepared by Jamie Saettele, CMT

NZDUSD price action remains favorable for bulls. “The impulsive nature of the rally from 8108 clarifies increases confidence that the NZDUSD is headed higher. Expect stalling at resistance such as 8261 and 8298 but focus should be on a new high (8356) given the bullish momentum profile on the daily (RSI holding above 40 on the latest dip).” Price has responded well in front of 8142 but exceeding 8205 would increase confidence in upside extension. The disparate near term patterns and implications in AUDUSD and NZDUSD are manifest in AUDNZD.

LEVELS: 8031 8108 8142 8205 8265 8298

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