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Strategy: Pending Short

NZDUSD put in a bullish Piercing Line candlestick pattern above the 0.75 figure, hinting an upswing is ahead. Positive RSI divergence bolsters the case for an upside scenario. We remain broadly bearish and will look for the move higher to yield a selling opportunity. Initial resistance lines up at 0.7728, the 23.6% Fibonacci retracement level.

NZDUSD_Rebound_Hinted_Near_0.75_Figure_body_Picture_5.png, NZDUSD: Rebound Hinted Near 0.75 Figure

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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