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NZDUSD: Bearish Momentum Gaining as Prices Grind Through Support

NZDUSD: Bearish Momentum Gaining as Prices Grind Through Support

2010-03-05 05:06:00
Ilya Spivak, Sr. Currency Strategist
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NZD/USD

Strategy: Pending Short

Last week, NZDUSD put in an Evening Star bearish reversal candlestick pattern below the upper boundary of a falling channel established from late January and moved lower, finding near-term support at the channel’s mid-line. This boundary has now given way, with prices testing resistance-turned-support in the 0.6811-78 congestion region. We will look for a daily close beyond this area to position for selling opportunities.

03042010 NZD


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