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FOREX Technical Analysis: NZD/USD Reverses after Testing 12/14 Low

FOREX Technical Analysis: NZD/USD Reverses after Testing 12/14 Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Reverses after Testing 12/14 Low

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The NZDUSD has been a trader’s dream in recent weeks, swinging violently in a greater than 300 pip range. Viewed in light of the sharp decline from the December high, today’s sharp advance may be nothing more than the completion of an emotional 2nd wave.

FOREXTrading Strategy: Shorting today’s rally offers great reward/risk against 8475. EURNZD long is another option.

LEVELS: 8194 8246 8291 8313 8350 8396

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

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