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NZD/USD: Break and Retest Scenario (September 26, 2013)
NZD/USD has retreated from its recent rallies, as bulls are unable to take the pair significantly past the .8400 major psychological resistance.
Since then, the pair has sold off to the .8250 minor support but could be in for more losses, as it approaches the Fibonacci retracement levels. The .8100 area, which is in line with the 50% Fib, could act as strong support since it is in line with a broken resistance level.
Stochastic is already in the oversold region with a slight bullish divergence, signaling that the selloff could reverse soon. Going long at .8100 with a 100-pip stop and a target of .8400 would be a 3:1 trade.
By Kate Curtis from Trader's Way
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