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FOREX Technical Analysis: NZD/USD Downside Favored below Monday High

FOREX Technical Analysis: NZD/USD Downside Favored below Monday High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_NZDUSD_Downside_Favored_below_Monday_High_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Downside Favored below Monday High

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “Monday’s inside day wasn’t the follow through that bulls were looking for after a 2012 high was registered Friday. Long time readers will know that I find inside days at key levels useful in trade construction. At the current juncture, weakness probably proves corrective (4th wave within rally from 11/16 low). Support is 8355/75.” While I still expect weakness to prove corrective, today’s NZDJPY analysis suggests that we keep an open mind. Former resistance at 8355 and 8309 are of interest as support if reached.

FOREXTrading Strategy: I’m bearish against 8485 towards at least 8355.

LEVELS: 8309 8355 8390 8476 8572 8600

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

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