NZDUSD: Short Entry Sought on Correction
Strategy: Pending Short
NZDUSD completed a bullish Three Inside Up candlestick pattern above the 0.75 figure and moved higher to challenge resistance at 0.7728, the 23.6% Fibonacci retracement level.A break above this boundary exposes the 38.2% level at 0.7889. We remain broadly bearish and will look for the move higher to yield a selling opportunity in the days ahead.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.