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NZDUSD: Looking for Short Entry Setup

NZDUSD: Looking for Short Entry Setup

2011-12-12 07:45:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

NZDUSD put in a Bearish Engulfing candlestick pattern below resistance at 0.7820, the 38% Fibonacci retracement, a reversal lower may be ahead. Negative RSI divergence reinforces the case for a downward scenario. Risk/reward considerations argue against entering short here however with prices so close to support at 0.7690, the 50% Fib, and we remain on the sidelines for now.

NZDUSD_Looking_for_Short_Entry_Setup_body_Picture_5.png, NZDUSD: Looking for Short Entry Setup

--- 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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