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Forex Technical Analysis: NZDUSD Closes Beneath Trendline

Forex Technical Analysis: NZDUSD Closes Beneath Trendline

2012-10-23 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, Forex Technical Analysis: NZDUSD Closes Beneath Trendline

Chart Prepared by Jamie Saettele, CMT

Forex Observations: The NZDUSD closed below the trendline that extends off of the June and September lows and reached the 23.6% extension of the decline from 8471 when extended from 8355.

Forex Trading Strategy Implications: Allowing for a rebound, expectations are for continued weakness. Former support is resistance at 8147.

LEVELS: 7946 8011 8080 8147 8188 8230

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