NZDUSD: False Breakout on Trend Line Breach?

An error occurred while receiving the HTTP response to http://api.microsofttranslator.com/v1/Soap.svc. This could be due to the service endpoint binding not using the HTTP protocol. This could also be due to an HTTP request context being aborted by the server (possibly due to the service shutting down). See server logs for more details.

Don't have an FXCM Account?

Gold

Don't have an FXCM Account?

Gold

Follow Us

By Ilya Spivak, Currency Strategist 25 May 2012 10: 55 GMT Strategy: Pending Short

NZDUSD narrowly broke major below rising trend line support set from mid - May 2010 but a Piercing Line candlestick pattern coupled with positive RSI divergence in highly oversold territory warns that a pull-up may materialize before further selling. We will stand aside for now and let the move higher materialize to look for selling opportunities. Initial resistance lines up at 0.7660, the 23.6% Fibonacci tracing.

-Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

25 May 2012 10: 55 GMT

/ / SET PAGE PROPERTIES var sProperties = new Object(); sProperties.server = '2.6'; sProperties.channel = ' Technical: Candlesticks, NZDUSD'; / / Pass page properties to Omniture if (typeof sProperties! = 'undefined') {for (var sProperty in sProperties) {s [sProperty] = sProperties [sProperty];}} var s = s_code .t (); If (s_code) document.write (s_code);

View the original article here