Strategy: Pending Short
NZDUSD has found support at 0.6853, the 38.2% Fibonacci retracement of the 04/30-05/25 selloff, producing a Piercing Line bullish candlestick formation and hinting that a move higher is to follow. As with its Australian counterpart, our bias remains broadly bearish and we will treat an upswing as a chance to find an attractive opening to enter short.
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