Quite a selloff in the New Zealand dollar over the last several days. Whether this is attributed to a recent earthquake or unrest in the Arab world, investors are looking, with great care, for the next turn of events to steer their direction. Though the selling is far from over (particularly against the US dollar), I have observed the NZDCHF pair beginning to taper off in its descent. MACD on a 4H chart is showing divergence in price vs. indicator. This chart shows a nice descending channel where current price appears to be finding a bottom on the lower end of the channel. I am buying here just below .6900, stop loss at .6825 with a .7300 target.
No comments:
Post a Comment