NZD/USD
Strategy: Pending Short
Last week, we wrote that “NZDUSD has bounced sharply lower after a re-test of previously broken support at the lower boundary of a rising channel that had guided prices higher since the lows in March” but opted to remain on the sidelines until a break below horizontal support at 0.7144 yielded better risk/reward parameters for a short. The looks to be on the verge of happening at present, and we stand ready to enter short should the current candle’s close confirm the breakdown.
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