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NZDUSD: Remain Short as Prices Test Key Support

NZDUSD: Remain Short as Prices Test Key Support

2011-03-07 11:01:00
Ilya Spivak, Sr. Currency Strategist
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I initially sold NZDUSD at 0.7516. As expected, prices have moved lower, carving out a falling channel having produced a bearish Dark Cloud Cover candlestick below the 0.78 figure. Channel support now stands at 0.7335, with an upswing from here seen as corrective and I will remain short unless the pair issues a daily close above the channel top (now at 0.7523).

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