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NZDUSD: Short Setup Taking Shape

NZDUSD: Short Setup Taking Shape

2011-03-29 04:18:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

NZDUSD has put in a bearish Harami candlestick pattern below resistance at 0.7551, the 61.8% Fibonacci retracement of the 2/2-3/17 decline. We will look for confirmation on a bearish close to the current candle that ideally takes prices below the 50% Fib at 0.7466 to re-enter short after booking profits on our initial position last week.

NZDUSD_Short_Setup_Taking_Shape_body_03292011_NZD.png, NZDUSD: Short Setup Taking Shape

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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