NZD/USD: Upswing Hinted at Trend Line Support
Strategy: Pending Short
NZDUSD has found support at a falling trend line connecting major swing lows since early November 2009. A Hammer candlestick coupled with early traces of positive RSI divergence hint that an upswing is in the works, with the first upside barrier seen at the 38.2% Fib of the 05/03-05/25 decline (0.6853). We will monitor the move higher for attractive selling opportunities in the days ahead.
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