FOREX Technical Analysis: NZD/USD Short Term Focus is on 8260
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: I wrote last week 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.” That secondary low was registered last Wednesday 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 at least 8260 as long as price is above 8165 (weakness below would create overlap).
LEVELS: 8164 8182 8202 8262 8308 8355
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