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FOREX Technical Analysis: NZD/USD 8125/35 Remains Ideal Support

FOREX Technical Analysis: NZD/USD 8125/35 Remains Ideal Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_NZDUSD_812535_Remains_Ideal_Support_body_nzdusd.png, FOREX Technical Analysis: NZD/USD 8125/35 Remains Ideal Support

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Former trendline support continues to serve as resistance in NZDUSD. 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. The question at this point is whether the decline from 8267 is complete or simply part of a larger correction that ends below 8170 and closer to the estimated 8125/35 support. RBNZ is tomorrow.

FOREXTrading Strategy: I’m looking lower for the next few days towards 8125/35 but into a low.

LEVELS: 8124 8170 8188 8267 8309 8355

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