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FOREX Technical Analysis: NZD/USD Short Term Focus is on 8260

FOREX Technical Analysis: NZD/USD Short Term Focus is on 8260

2012-11-27 02:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_NZDUSD_Short_Term_Focus_is_on_8260_body_nzdusd.png, 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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