NZD/USD: Bulls Take the Reins, Reclaim 0.70 Figure
Strategy: Pending Short
As we expected, NZDUSD has pushed higher after putting in a Piercing Line bullish candlestick formation at 0.6853, a support level marked by the 38.2% Fibonacci retracement of the 04/30-05/25 selloff. Prices are now poised to challenge of the 76.4% Fib at 0.7149, with a move above that exposing April’s swing high at 0.7333. As with its Australian counterpart, our Kiwi bias remains broadly bearish and we will treat the current upswing as a selling opportunity.
For real time news and analysis, please visit http://www.dailyfx.com/real_time_news
To receive future articles by email, please contact Ilya at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.