News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
FOREX Technical Analysis: NZD/USD Responds to 8200 Resistance

FOREX Technical Analysis: NZD/USD Responds to 8200 Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_NZDUSD_Responds_to_8200_Resistance_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Responds to 8200 Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Unlike the AUD/USD, the NZD/USD 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: “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.” The NZD/USD responded at 8200 today but keep tabs on 8230/37, which is former support and the 61.8% retracement of the decline from the top.

LEVELS: 8011 8054 8115 8200 8230 8260

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

DISCLOSURES