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FOREX Technical Analysis: NZD/USD is Bullish against 8223

FOREX Technical Analysis: NZD/USD is Bullish against 8223

2013-01-22 06:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_NZDUSD_is_Bullish_against_8223_body_nzdusd.png, FOREX Technical Analysis: NZD/USD is Bullish against 8223

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The NZDUSD continues to trade near multiyear highs. The latest dip, from 8460, is in 3 waves and suggests that the trend is bullish. As long as price is above the terminus of that 3 wave pattern (8323), I see no reason to fight strength.

FOREXTrading Strategy: Longs were taken Friday. Like the AUDUSD, last week’s low (in this case Thursday’s low) now serves as the pivot.

LEVELS: 8323 8360 8395 8476 8571 8600

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

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