NZD/USD: Bears Meet Key Support at Fib, Trend Line
Strategy: Pending Short
NZDUSD turned sharply lower following a test of resistance near April’s swing high, selling off to meet support at 0.7036, the intersection of the 61.8% Fibonacci retracement of the 04/30-05/25 selloff and a rising trend line. Our Kiwi bias remains broadly bearish but selling just above support seems hardly prudent and we will remain on the sidelines looking for a more attractive setup.
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.