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FOREX Technical Analysis: NZD/USD Pops Through Top of Range and Reverses

FOREX Technical Analysis: NZD/USD Pops Through Top of Range and Reverses

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_NZDUSD_Pops_Through_Top_of_Range_and_Reverses_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Pops Through Top of Range and Reverses

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Former trendline support continues to serve as resistance in NZDUSD. The divergence between the AUDUSD and NZDUSD that is common at turns occurred today. The NZDUSD traded through recent highs while the AUDUSD did not. Near term, such conditions are suggestive of top and reversal. Bigger picture, the NZDUSD appears quite bullish as the decline from 8355 is in 3 waves (corrective) and the rally from 8052 is in 5 waves.

FOREXTrading Strategy: I’m looking lower for the next few days towards 8125/50 but into a low.

LEVELS: 8052 8124 8174 8267 8308 8356

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

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