NZD/USD
Strategy: Pending Short
NZDUSD put in a Harami candlestick pattern following a re-test of broken support at a rising trend line established since the lows in March and pushed lower, with prices consolidating in the 0.7068 – 0.7329 congestion region over recent weeks. At this point, it appears that the bears have gained the upper hand with a daily close below the lower range boundary, but we will remain on the sidelines as risk/reward considerations argue against selling at these levels. An extension of the current downswing targets 0.69.
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