Comparic

NZDUSD - possible short position?

Short
FX_IDC:NZDUSD   New Zealand Dollar / U.S. Dollar
NZDUSD has been moving south from the beginning of the week, resulting in a daily bearish pin-bar that could drag market down. Looking on H1 chart, we can see slow growth since midnight.

The appreciation may turn out to be only a short-term correction, and in near future we expect to be able to test local resistance zone coinciding with a 38.2% Fibonacci abolition. Rejection of this level could be a signal for continuation of declines. If this happens, in short term you will want to consider short position on this symbol.
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