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FOREX Technical Analysis: NZD/USD Bides Time; Breakout Potential?

FOREX Technical Analysis: NZD/USD Bides Time; Breakout Potential?

2013-01-16 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Bides Time; Breakout Potential?

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The NZDUSD has yet to break through to new highs 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: Flat

LEVELS: 8286 8320 8360 8476 8571 8600

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