NZDUSD 4 Hour Chart Analysis on 6th September 2010 6.38pm Singapore Time
Good day traders.
Hi guys! Look at the above chart and tell me what you see?
Is the NZD/USD about to turn down?
Is there a swing trade opportunity in the making? Stochastics and the MACD is in the overbought levels. The price has more or less crossed the 61.8% fib level. The down trend line has been broken and now the price is testing the purple up trend line. If that breaks, more upside is on the way, maybe to 0.735. If the resistance holds and bears start to pour in, we can look at the price falling to 0.7142 level.
Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com