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FOREX Technical Analysis: NZDUSD Quickly Approaching Lows

FOREX Technical Analysis: NZDUSD Quickly Approaching Lows

2012-11-09 02:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_NZDUSD_Quickly_Approaching_Lows_body_nzdusd.png, FOREX Technical Analysis: NZDUSD Quickly Approaching Lows

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: “Price made it to 8309 before reversing sharply and taking out the first of the month low at 8210.” The NZDUSD did extend weakness today. 8150 was fairly responsive throughout October and is also marked by the 61.8% extension of the decline from 8355. In other words, respect potential for a bounce into 8200/30.

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 8200 8230 8260

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