Strategy: Pending Short
As we expected, NZDUSD has pushed higher after putting in a Piercing Line bullish candlestick formation at 0.6853, a support level marked by the 38.2% Fibonacci retracement of the 04/30-05/25 selloff. Prices are now poised to challenge of the 76.4% Fib at 0.7149, with a move above that exposing April’s swing high at 0.7333. As with its Australian counterpart, our Kiwi bias remains broadly bearish and we will treat the current upswing as a selling opportunity.
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