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NZDUSD: Bulls Meet Channel Resistance

NZDUSD: Bulls Meet Channel Resistance

2011-05-19 03:01:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

NZDUSD found support at the 0.78 figure – a former resistance bolstered by the bottom of a falling channel – and bounced higher completing a bullish Three Inside Up candlestick pattern. The pair now stands squarely at resistance marked by the channel top, with a break higher initially exposing the 61.8% Fibonacci retracement of the drop from the early May swing high at 0.7984. Our fundamental outlook suggests the recovery will yield to renewed downward momentum but an actionable sell signal remains elusive, leaving us on the sidelines looking for the upswing to show signs of exhaustion.

NZDUSD_Bulls_Meet_Channel_Resistance_body_Picture_3.png, NZDUSD: Bulls Meet Channel Resistance

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