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NZDUSD: Remain Short Below 0.7455

NZDUSD: Remain Short Below 0.7455

2011-03-22 11:01:00
Ilya Spivak, Sr. Currency Strategist
Share:

I sold NZDUSD at 0.7516 as prices took out rising trend line support established from the lows in June 2010. Prices are pushing through the top of a falling channel set from early February, but only a daily close above 0.7455 would negate the near-term bearish bias, prompting me to close the trade. Otherwise, I am expecting a disappointing GDP result on Wednesday to rekindle selling pressure, clearing the way for move back lower toward my revised soft target at 0.7173.

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