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FOREX Technical Analysis: NZD/USD 2012 Highs at Risk

FOREX Technical Analysis: NZD/USD 2012 Highs at Risk

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

FOREX_Technical_Analysis_NZDUSD_2012_Highs_at_Risk_body_nzdusd.png, FOREX Technical Analysis: NZD/USD 2012 Highs at Risk

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The NZDUSD has yet to break through to new highs (while the AUDUSD has) so recent commentary remains valid…although barely. “The NZDUSD false break higher in early December and subsequent impulsive decline has me intrigued in the short side to begin the year.” If 8475 gives way however, then focus immediately shifts to 8571 (August 2011 high). I wouldn’t feel comfortable in the short side until price is below 8212.

FOREXTrading Strategy: Bigger picture shorts are favored against 8475 but confidence is low.

LEVELS: 8350 8384 8420 8476 8571 8600

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

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