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NZDUSD: Major Trend Change Brewing

NZDUSD: Major Trend Change Brewing

2011-02-25 11:09:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

NZDUSD is on the cusp of producing a major trend change, with prices on pace to break through key rising trend line support that has guided the multi-month uptrend since June. Should the breakdown materialize, the door will open for an initial decline to 0.7340, with a subsequent move below that exposing the psychologically critical 0.70 figure. We will watch the pair closely for a short entry opportunity.

NZDUSD_Major_Trend_Change_Brewing_body_02252011_NZD.png, NZDUSD: Major Trend Change Brewing

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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