Strategy: Pending Short
NZDUSD has recoiled from resistance at April’s swing high (0.7333), pushing toward the lower boundary of a bearish Rising Wedge formation identified last week, now at 0.7159. 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.
NZDUSD Spot (Daily Chart) - Created Using CQG, Prepared by Ilya Spivak
To discuss these strategies with other traders, please visit theCandlestick Forum
To receive future articles by email, please contact Ilya at ispivak@dailyfx.com
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
