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NZDUSD: Bounce Hinted Ahead

NZDUSD: Bounce Hinted Ahead

2011-03-11 11:01:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold NZDUSD at 0.7516. Prices have narrowly closed below my initial soft target at 0.7362 but an Inverted Hammer candlestick and early signs of positive RSI divergence warn an upswing may be ahead. The outlines of a bullish Rising Wedge formation are also taking shape, calling for a cautious approach from here. An upswing will be seen as corrective as long as prices remain below falling channel resistance, now at 0.7470. I will nudge our soft target slightly lower to 0.7344, looking for a close below that as indicative of a larger down move is ahead. My stop-loss will also be trailed lower to the break-even level (0.7516).

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