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Talking Points:
- NZD/USD Technical Strategy: Short at 0.7783
- Support: 0.7275, 0.7130, 0.6951
- Resistance:0.7420, 0.7519, 0.7599
The New Zealand Dollar fell against its US namesake as expected, with sellers now eyeing support below the 0.73 figure. A daily close below the 50% Fibonacci expansion at 0.7275 exposes the 61.8% level at 0.7130. Alternatively, a move above the 38.2% Fib at 0.7420 opens the door for a challenge of channel floor support-turned-resistance at 0.7519.
We entered short NZDUSD at 0.7783 and have subsequently booked profits on half of the position. The remainder of the position remains open to capture continued downside momentum. The stop-loss is now at the breakeven level (0.7783).
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
