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NZDUSD: Chart Setup Calls for Up Move

NZDUSD: Chart Setup Calls for Up Move

2012-03-16 06:13:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

NZDUSD put in a bullish Piercing Line candlestick pattern above support at 0.8084,the 38.2%Fibonacci retracement, hinting a move higher is ahead. Positive RSI divergence bolsters the case for an upside scenario. However, with prices so close to near-term resistance in the 0.8232-0.8241 area (marked by the 23.6% Fib and October 28 swing high), risk/reward considerations argue against entering long at current levels.

NZDUSD_Chart_Setup_Calls_for_Up_Move_body_Picture_5.png, NZDUSD: Chart Setup Calls for Up Move

--- 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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