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FOREX Technical Analysis: NZDUSD Inside Day Trading Opportunity

FOREX Technical Analysis: NZDUSD Inside Day Trading Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZDUSD Inside Day Trading Opportunity

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The NZDUSD reversed intraday last Thursday after trading to 8242. The NZDUSD has traded between 8100 and 8230 for most of October. The high for the month remains day 2 of October and the next most probable time of the month for a price extreme (in this case a low) is the end of the month. That does not dismiss a test of 8260 or even 8300 however.

FOREXTrading Strategy Implications: Market risk is lower after last Thursday’s reversal but against the October high (8337). Monday’s inside day presents an inside day entry opportunity but on a break of Thursday’s bar (Friday is also an inside day).

LEVELS: 8080 8100 8138 8217 8265 8298

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

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