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FOREX Technical Analysis: NZDUSD Reverses Sharply after 8300 Tag

FOREX Technical Analysis: NZDUSD Reverses Sharply after 8300 Tag

2012-11-08 01:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_NZDUSD_Reverses_Sharply_after_8300_Tag_body_nzdusd.png, FOREX Technical Analysis: NZDUSD Reverses Sharply after 8300 Tag

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: I wrote yesterday that “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. Price is pressing against a high risk area for bulls.” Price made it to 8309 before reversing sharply and taking out the first of the month low at 8210.

FOREXTrading Strategy Implications: A bearish bias is warranted although a bounce into 8230 or sideways trading for several days can’t be ruled out. 8010/55 is an area of interest.

LEVELS: 8011 8054 8115 8209 8237 8309

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

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