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Remain Short NZDUSD (Stop to Break-Even)

Remain Short NZDUSD (Stop to Break-Even)

2011-02-16 13:48:00
Michael Wright, Currency Analyst
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The NZDUSD pared yesterday’s decline; however, downside risks remain so long as price action remains capped by the 100-day SMA. At the same time, it is worth noting that the MACD has yet to reverse course after signaling for losses earlier this month, while the slow stochastic indicator points to additional losses. It is also worth noting that the moving average crossover strategy (4,9,18) has flipped to the downside. Looking ahead, there is key resistance at the 100-day SMA. I will look to remain short from 0.7580 with an open target and a stop at break-even.

NZDUSD Daily Chart

pic_body_nzdusd.png, Remain Short NZDUSD (Stop to Break-Even)

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