Tuesday 14 May 2013

NZD/USD Time to buy?

After a very fast decline over the last week, NZD/USD has attracted my attention...

NZD/USD fell to a low of 0.8180, which could form up with a the two most recent lows on the daily chart I have here. There could be a triple bottom formation here if price holds above those lows for the next few hours, a small long position could make an excellent swing trade if the formation is confirmed. I would only consider this valid if price can move above the 200 day moving average, which currently resides around 0.8291 at the time of this post.