NZDUSD Analysis: bullish Morning Star candlestick pattern with 0.77 resistance
29 April 2015, 06:11
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The New Zealand Dollar is struggling to maintain upside momentum having
launched a recovery following the formation of a bullish Morning Star
candlestick pattern. Prices continue to grind against
support-turned-resistance in the 0.7608-82 area, with a break above this
threshold exposing the 38.2% Fibonacci retracement at 0.7801.
The dominant long-term NZD/USD trend looks to be favoring the downside. As such, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.
The dominant long-term NZD/USD trend looks to be favoring the downside. As such, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.
