Trade
Follow Us

Resources

DailyFX Home / Analyst Picks / Ilya Spivak

NZDUSD: Double Top to Yield Short Entry Below 0.74?

By Ilya Spivak, Currency Strategist
09 August 2010 11:01 GMT

NZDUSD looks to be carving out a double top below the 0.74 figure, with prices pushing toward the lower boundary of a bearish Rising Wedge formation set from the lows in June, now at 0.7252. Clear negative RSI divergence bolsters the case for a downside scenario. We will look for confirmation on a daily close below the Wedge bottom to enter short, eyeing targets at 0.6844 and 0.6579.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

09 August 2010 11:01 GMT