NZDUSD: Candlesticks Point to Bearish Reversal as Prices Break Channel Support (Daily FX)
My picks: Short NZDUSD
Expertise: Global Macro, Classic Technical Analysis
Average Time Frame of Trades: 1 week – 6 months
Last week, I wrote that the New Zealand Dollar was testing support at the bottom of a rising channel that has guided the pair higher since risky assets (including high-yielding currencies) began to rebound in early March. NZDUSD has now broken below the lower boundary of this channel while showing a Three Black Crows bearish reversal signal, a formidable sign of continued downside ahead. Enter short from here, initially targeting April’s swing lows at 0.5522. A stop-loss will be activated on a daily close above 0.6601, the 06/02 wick high.
For complete analysis of the major currencies, please see my latest weekly technial outlook report.
Originally posted here:
NZDUSD: Candlesticks Point to Bearish Reversal as Prices Break Channel Support (Daily FX)
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