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NZD/USD: Candles Point to Rebound From Fib Support

NZD/USD: Candles Point to Rebound From Fib Support

2010-07-02 07:06:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

NZDUSD has found support at 0.6853, the 38.2% Fibonacci retracement of the 04/30-05/25 selloff, producing a Piercing Line bullish candlestick formation and hinting that a move higher is to follow. As with its Australian counterpart, our bias remains broadly bearish and we will treat an upswing as a chance to find an attractive opening to enter short.

070210 NZD


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