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FOREX Technical Analysis: NZD/USD Inside Day Bearish Breakout at Fibonacci Level

FOREX Technical Analysis: NZD/USD Inside Day Bearish Breakout at Fibonacci Level

2012-11-28 01:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_NZDUSD_Inside_Day_Bearish_Breakout_at_Fibonacci_Level_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Inside Day Bearish Breakout at Fibonacci Level

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Following several days of consolidation at the 61.8% retracement of the decline from 8355, the NZDUSD broke lower and closed below former peaks. The return to the former range negates the bullish break from the short term head and shoulders pattern that had formed since 11/9. What’s more, former trendline support served as resistance once more (as it had earlier in the month).

FOREXTrading Strategy: The drop below Monday’s low constitutes an inside day breakout (aggressive rules). Based on the response at mentioned resistance levels, the NZDUSD is vulnerable but pattern from the top isn’t clear thus I am standing aside for now.

LEVELS: 8052 8124 8174 8214 8262 8308

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