Strategy: Pending Short
NZDUSD has found support at a falling trend line connecting major swing lows since early November 2009. A Hammer candlestick coupled with early traces of positive RSI divergence hint that an upswing is in the works, with the first upside barrier seen at the 38.2% Fib of the 05/03-05/25 decline (0.6853). We will monitor the move higher for attractive selling opportunities in the days ahead.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at ispivak@dailyfx.com
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.
