The Wild Card NZD/USD 26 Aug 2009

The Wild Card NZD/USD 26 Aug 2009

Wednesday, 26 Aug 2009

Crude Oil Plummets on Profit Taking

Later afternoon trading saw the price of Crude Oil take a nose dive as traders took profit. The price of Oil stalled at the $75 resistance level and fell significantly following the failed breach. Today traders will be tracking the release of the U.S. Crude Oil Inventories data along with the New Home Sales numbers for today's market direction


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The Wild Card

NZD/USD

A fresh bearish cross has recently formed on the hourly, daily and weekly charts' Slow Stochastic, indicating strong downward pressure on this pair. The price also floats in the over-bought territory on the daily and weekly charts' RSI, strengthening this notion. Forex traders may not want to miss out on this opportunity by entering the downward movement at a great entry price
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