FOREX Technical Analysis: NZD/USD Nearing December Low
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: I wrote last week that “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.” Weakness is proving impulsive, raising the possibility that a significant high is in place. Look towards 8170 near term.
FOREXTrading Strategy: Stops on shorts should be moved down to 8350.
LEVELS: 8052 8125 8170 8251 8300 8345