Strategy: Pending Short
NZDUSD put in a Shooting Star candlestick below resistance at 0.7806, the 50% Fibonacci retracement, hinting at fading bullish momentum and suggesting reversal lower may be ahead. Confirmation is needed on a substantive bearish close to the active candle however before the setup turns actionable and we will remain on the sidelines for now.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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