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FOREX Technical Analysis: NZD/USD Fibonacci Retracement is at 8271

FOREX Technical Analysis: NZD/USD Fibonacci Retracement is at 8271

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, FOREX Technical Analysis: NZD/USD Fibonacci Retracement is at 8271

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The NZDUSD remains well above the latest swing low of 8155. The 61.8% retracement of the rally from that level was nearly reached today before most losses were retraced during the US session. Like the AUDUSD, I’d need to see a break below 8155 before trading from the short side.

FOREXTrading Strategy: Longs were stopped out at 8320. Stand aside for now.

LEVELS: 8155 8194 8271 8346 8393 8446

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

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