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NZDUSD: Confirmation Sought for Short

NZDUSD: Confirmation Sought for Short

2012-03-09 05:30:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

NZDUSD found support at 0.8084,the 38.2%Fibonacci retracement, and bounced to retest the 0.8232-0.8241 area marked by the 23.6% Fib and October 28 swing high. A bearish Three Outside Down candlestick pattern below the 0.84 figure coupled with negative RSI divergence argue for a broadly bearish bias. We will look for confirmation that the upward bounce has been exhausted to enter short.

NZDUSD_Confirmation_Sought_for_Short_body_Picture_5.png, NZDUSD: Confirmation Sought for Short

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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