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NZDUSD: Looking to Re-Establish Short

NZDUSD: Looking to Re-Establish Short

2011-03-25 04:18:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

Total Profit/Loss: +31 pips

We initially sold NZDUSD at 0.7516. The position was closed with a small gain as prices closed above our revised stop-loss at 0.7454. Prices are now testing familiar support-turned-resistance at 0.7520, with a break higher clearing the way above the 0.76 figure. The overall bearish setup identified a month ago still intact, and we will look for opportunities to re-enter short as the current upswing runs out of steam. Near-term support lines up at 0.7436.

NZDUSD_Looking_to_Re-Establish_Short_body_03242011_NZD.png, NZDUSD: Looking to Re-Establish Short

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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