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FOREX Technical Analysis: NZDUSD False Trendline Break

FOREX Technical Analysis: NZDUSD False Trendline Break

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZDUSD False Trendline Break

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The NZDUSD rallied from 20 day lows and broke through Monday’s high. 8100 has been put to the test twice in October and held both times. Daily RSI has held above 40 at the low.

FOREXTrading Strategy Implications: Market risk is higher against 8100 towards 8298 and new highs.

LEVELS: 8080 8115 8162 8230 8265 8298

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