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FOREX Technical Analysis: NZDUSD Near Term Resistance Extends to 8237

FOREX Technical Analysis: NZDUSD Near Term Resistance Extends to 8237

2012-11-13 02:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_NZDUSD_Near_Term_Resistance_Extends_to_8237_body_nzdusd.png, FOREX Technical Analysis: NZDUSD Near Term Resistance Extends to 8237

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: Unlike the AUDUSD, the NZDUSD decline from last week’s top unfolded in a clean impulse (5 waves). The rally from the low should unfold correctively and top before 8309. 8230/37 (former support and 61.8% retracement) is a level that may produce the top.

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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