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NZD/USD Former Support in Play Now as Resistance

NZD/USD Former Support in Play Now as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Former Support in Play Now as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Monday’s key reversal (qualifies as a J-Spike as well…first bullish one since 11/16/12) suggests a near term low is in place. The NZDUSD has nearly retraced half of the decline from .8533 in just 2 days so some sideways trading may be in order for the next few days, especially since price is at former support (former lows and trendlines). Ultimately, 8403/40 is estimated resistance and could mark the end of the rally from .8192. Short term support is .8276.

FOREXTrading Strategy: Flat

LEVELS: .8112 .8192 .8276 .8353 .8403 .8440

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

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