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FOREX Technical Analysis: NZD/USD Fails again at 8200

FOREX Technical Analysis: NZD/USD Fails again at 8200

2012-11-21 02:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_NZDUSD_Fails_again_at_8200_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Fails again at 8200

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The NZDUSD reversed sharply Friday (JS Spike on Friday) after reaching the 100% extension of the decline from 8355. A response such as the one we saw Friday following 2 equal legs lower suggests that the decline from 8355 is complete as a 3 wave correction. Monthly opening range implications are bearish however. One possibility is that the rally from Friday’s low is an impulse that gives way to corrective weakness before the next impulse in late November / early December.

FOREXTrading Strategy: Expect support at 8124. I’ll be on the lookout near there if reached.

LEVELS: 8090 8125 8147 8202 8240 8309

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

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