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FOREX Technical Analysis: NZD/USD May Reach 8260 in Short Order

FOREX Technical Analysis: NZD/USD May Reach 8260 in Short Order

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_NZDUSD_May_Reach_8260_in_Short_Order_body_nzdusd.png, FOREX Technical Analysis: NZD/USD May Reach 8260 in Short Order

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Recent comments were that “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.” A secondary low may be in place at 8112. Like the AUDUSD, the NZDUSD reversed near its reversal day close (8124). A clean potential inverse head and shoulders in visible since 11/9.

FOREXTrading Strategy: Look higher towards 8260.

LEVELS: 8052 8096 8126 8202 8262 8308

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

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