NZD/USD Signal- Sept. 16, 2013

John Ursus
John Ursus
on September 17, 2013 | Updated On Sep 17, 2013

By: John Ursus

Timeframe: W1 Recommendation: Short Position
Entry Zone: 0.8200 – 0.8225
Take Profit Zone: 0.7800 – 0.7825
Stop Loss Zone: 0.8400 – 0.8425

The NZDUSD has opened with a gap higher which took it right into the upper band of its strong horizontal resistance zone. This currency pair has overstretched its rally and is temporarily trading above its Fibonacci resistance level. The NZDUSD should breakdown below this level in coming days amid profit taking.

A correction is necessary in order to remain the overall uptrend healthy. Look out for this currency pair to form a higher low and take this as a final signal to buy the dips. The NZDUSD posted a very strong two week performance and should be able to maintain its bullish bias with a few smaller corrections along the road to form a double top.

NZDUSD Weekly Signal 91613

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About the Author
John Ursus
Professional trader and technical analyst with over one decade of experience. John believes that being a successful trader means you have to be in the minority and defy what is popular. Trading is an art form and not science and there are more myths about trading than there are successful traders.
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