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FOREX Technical Analysis: NZDUSD Rallying at Turtle Speed

FOREX Technical Analysis: NZDUSD Rallying at Turtle Speed

2012-11-07 01:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_NZDUSD_Rallying_at_Turtle_Speed_body_nzdusd.png, FOREX Technical Analysis: NZDUSD Rallying at Turtle Speed

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The NZDUSD has inched higher the last 2 days in what only be described as painfully slow trading. 8299 remains potential resistance ahead of the 8355 high. Weakness below the first of the month low at 8210 is needed before one can turn confidently bearish. Like the AUDUSD, it’s important to view near term developments in bigger picture context. Price is pressing against a high risk area for bulls.

FOREXTrading Strategy Implications: Weakness below 8210 would warrant a shorts on strength against the intervening high (so far that high is 8291).

LEVELS: 8100 8175 8230 8299 8355 8471

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