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NZD/USD Trades into December Low

NZD/USD Trades into December Low

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_nzd-usd_body_nzdusd.png, NZD/USD Trades into December Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: RBNZ triggered a sharp selloff with NZDUSD trading to 2013 lows and pips shy of the December low at .8155. The larger trend has probably turned down and the near term trend should now be considered down below Monday’s high (.8284).

FOREXTrading Strategy: Given a topping USDOLLAR, I’m not chasing weakness at the December low.

LEVELS: .7914 .8052 .8155 .8218 .8284 .8350

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