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NZDUSD: Candles Hint a Top is Set at 0.80

NZDUSD: Candles Hint a Top is Set at 0.80

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

NZDUSD put in a Bearish Engulfing candlestick below the 0.80 figure, hinting a move lower is ahead. Near-term support is just ahead at 0.7897 however and is reinforced by a rising channel top set from mid-December (now at 0.7855), and will wait for confirmation on a daily close below the latter level before entering short. Near-term resistance lines up at 0.8050, the channel top.

NZDUSD_Candles_Hint_a_Top_is_Set_at_0.80_body_Picture_5.png, NZDUSD: Candles Hint a Top is Set at 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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