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FOREX Technical Analysis: NZD/USD Probes Former Trendline Support as Resistance

FOREX Technical Analysis: NZD/USD Probes Former Trendline Support as Resistance

2012-11-29 01:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_NZDUSD_Probes_Former_Trendline_Support_as_Resistance_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Probes Former Trendline Support as Resistance

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).” The NZDUSD is back at resistance. If it breaks, then a trendline comes in at about 8280 on Thursday.

FOREXTrading Strategy: Nothing.

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