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Wissam.H
May 11, 2016 9:19 AM

NZD/USD - Short opportunity presents itself Short

New Zealand Dollar/U.S. DollarFXCM

Description

An opportune time to short the Kiwi with the recent retracement that took place the last day. Heavy resistance around the 0.679 price range with a Fibo confluence to support this observation. RSI shows that general momentum is still on the bearish side.

look to enter below the previous 4H low. Note however that there is a possible support line @ 0.676 which may slow down the pair's decent, but ultimately, market sentiment should drive price action lower to the 0.668 area

Trade Safe, Trade Smart
Good Luck
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