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NZDUSD: Upswing Stalls at 0.82 Figure

NZDUSD: Upswing Stalls at 0.82 Figure

2011-06-24 05:28:00
Ilya Spivak, Sr. Currency Strategist
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STRATEGY: Pending Short

NZDUSD put in a bearish Shooting Star candlestick below the 0.82 figure, hinting the down move initiated with the break below rising channel support earlier this month maybe ready to resume. With that in mind, a Shooting Star candle by itself is a relatively weak signal and confirmation is need on a daily close below 0.8115, the 23.6% Fibonacci extension level, to establish enough confidence in a forthcoming decline to enter short.

NZDUSD_Upswing_Stalls_at_0.82_Figure_body_Picture_5.png, NZDUSD: Upswing Stalls at 0.82 Figure

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