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NZDUSD: Short Entry Sought Below 0.80

NZDUSD: Short Entry Sought Below 0.80

2011-10-21 10:49:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

NZDUSD put in a Bearish Engulfing candlestick pattern below support-turned-resistance in the 0.8039-0.8109 region, hinting sellers are ready retake momentum. However, risk/reward considerations argue against entering short at present given the proximity of support at 0.7906, the 14.6% Fibonacci retracement level, and we will remain on the sidelines for now.

NZDUSD_Short_Entry_Sought_Below_0.80_body_Picture_5.png, NZDUSD: Short Entry Sought Below 0.80

--- 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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