Strategy: Pending Short
NZDUSD turned sharply lower following a test of resistance near April’s swing high, selling off to meet support at 0.7036, the intersection of the 61.8% Fibonacci retracement of the 04/30-05/25 selloff and a rising trend line. Our Kiwi bias remains broadly bearish but selling just above support seems hardly prudent and we will remain on the sidelines looking for a more attractive setup.
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