FOREX Technical Analysis: NZD/USD Trades to 2 Month Lows
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: The NZDUSD traded to its lowest level since mid-September and more importantly traded below the October low. The drop below the 10/23 low confirms a secondary top (wave B or 2) at 8309. Trendline supports have been cleanly broken as well.
FOREXTrading Strategy: Focus is lower towards at least the 100% extension at 8054 although the 161.8% is of particular interest due to its proximity to the September low near 7900. Risk on shorts is moved down to 8205 and resistance is now 8123/56.
LEVELS: 7914 8011 8054 8123 8156 8202
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