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NZDUSD: Rebound Sought to Enter Short

NZDUSD: Rebound Sought to Enter Short

2011-09-23 11:55:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

Prices dropped to support at 0.7755, the 5/16 low reinforced by a trend line connecting major swing bottoms since early July, with oversold RSI studies hinting a rebound may materialize over the near term. We see the overall bias as having been established bearish when the pair broke key multi-month rising trend line support in August and will treat a bounce as a selling opportunity. Initial resistance stands in the 0.7971-0.8110 region.

NZDUSD_Rebound_Sought_to_Enter_Short_body_Picture_5.png, NZDUSD: Rebound Sought to Enter Short

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