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NZDUSD: Bounce Tipped Ahead, 0.84 in Sight

NZDUSD: Bounce Tipped Ahead, 0.84 in Sight

2011-09-16 04:21:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

As we suspected last week, NZDUSD declined after putting in a bearish Evening Star candlestick pattern on a retest of support-turned-resistance at a rising trend line set from mid-March. Initial support has been found above 0.8110, with a Hammer candlestick followed by back-to-back Dojis pointing to a loss of bearish momentum and hinting an upswing may be ahead. We remain broadly bearish and will look for the bounce to yield a selling opportunity. Initial resistance lines up at 0.8373 and 0.8461

NZDUSD_Bounce_Tipped_Ahead_0.84_in_Sight_body_Picture_5.png, NZDUSD: Bounce Tipped Ahead, 0.84 in Sight

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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