Wednesday, October 5, 2011

NZD/USD - The Kiwi is Short Term Bullish

NZDUSD put in a bullish Piercing Line candlestick above 0.75.

This is now hinting that an upswing is possibly ahead.

A positive RSI divergence bolsters the case for an upside move now. However, I remain bearish.

Initial resistance is now at 0.7728, the 23.6% Fibonacci retracement level.

Posted by David Frank, Avafx