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NZDUSD: Remain Short Amid Rebound

NZDUSD: Remain Short Amid Rebound

2011-03-18 11:50:00
Ilya Spivak, Sr. Currency Strategist
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I sold NZDUSD at 0.7516. The pair nudged my revised soft target and rebounded higher from support at a falling channel set from the top in February. Prices now show the makings of a bullish Piercing Line candlestick pattern (although confirmation is needed on the close of the current bar), hinting at upside potential to 0.7342. This level is marked by the intersection of the channel top as well as December’s swing low and should prove to be formidable resistance. I will remain short barring a clear break above the channel top. A stop-loss will be activated on a daily close above 0.7454.

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