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FOREX Technical Analysis: NZD/USD Appears Vulnerable in Near Term

FOREX Technical Analysis: NZD/USD Appears Vulnerable in Near Term

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_NZDUSD_Appears_Vulnerable_in_Near_Term_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Appears Vulnerable in Near Term

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 last week. 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 8170 8237 8267 8309

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