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NZDUSD: Choppy Trade Continues Around 0.70

NZDUSD: Choppy Trade Continues Around 0.70

2010-03-26 12:27:00
Ilya Spivak, Sr. Currency Strategist
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NZD/USD

Strategy: Pending Short

As we suspected last week, NZDUSD put in a near-term top below 0.7180, the 01/22 wick high, with prices showing an Evening Star candlestick formation. The pair is now treading water near the middle of its recent range just above the 0.70 figure, with a push below that exposing a rising trend line set from February’s swing low (now at 0.6905). Given the very choppy price action of recent weeks, we will opt to wait for confirmation of a bearish turn on a daily close below this boundary to look for selling opportunities.

032610 NZD


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