Strategy: Pending Short
NZDUSD put in a Bearish Engulfing candlestick below the 0.80 figure, hinting a move lower is ahead. Near-term support is just ahead at 0.7897 however and is reinforced by a rising channel top set from mid-December (now at 0.7855), and will wait for confirmation on a daily close below the latter level before entering short. Near-term resistance lines up at 0.8050, the channel top.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to 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.
