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Thread: Trend of the Day

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#35 (permalink)

10-16-2008, 10:59 PM

Gregory McLeod Gregory McLeod is offline

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NZD/USD is our Trend for Today

Though the Daily Trend remains down, oversold daily oscillators show that the trend may take a break allowing prices to move higher. Only time will tell if this retrace higher is only temporary or part of a larger trend reversal. Trend line resistance appears at .6505, the 61.8% Fibonacci resistance level of the .6956-. 5775 swing.
A short opportunity will be apparent when NZD/USD closes below .5775 or bounces down from the .6708-.6505 Fibonacci resistance zones. Trading in the direction of the retracement can be profitable but extremely risky and not recommended as the daily downtrend may reassert itself.

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