NZDUSD: Choppy Trade Continues Around 0.70
Strategy: Pending Short
As we suspected last week, NZDUSD put in a near-term top below 0.7180, the 01/22 wick high, with prices showing an Evening Star candlestick formation. The pair is now treading water near the middle of its recent range just above the 0.70 figure, with a push below that exposing a rising trend line set from February’s swing low (now at 0.6905). Given the very choppy price action of recent weeks, we will opt to wait for confirmation of a bearish turn on a daily close below this boundary to look for selling opportunities.
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