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FOREX Technical Analysis: NZD/USD Trades Through Early Month High

FOREX Technical Analysis: NZD/USD Trades Through Early Month High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Trades Through Early Month High

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Bigger picture, the NZDUSD false break higher in early December and subsequent impulsive decline has me intrigued in the short side to begin the year. I wrote yesterday that “a corrective advance may be underway from 8155, in which case a final foray into 8400 wouldn’t be out of the question.” Price has entered the 8400 region so we should have a better idea by the end of the week whether or not the December high was important or not.

FOREXTrading Strategy: Bigger picture shorts are favored against 8475.

LEVELS: 8285 8316 8350 8409 8460 8476

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

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