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NZDUSD: Short Entry Sought on Correction

NZDUSD: Short Entry Sought on Correction

2011-10-07 10:12:00
Ilya Spivak, Sr. Currency Strategist
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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.

NZDUSD_Short_Entry_Sought_on_Correction_body_Picture_5.png, NZDUSD: Short Entry Sought on Correction

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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