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NZDUSD: Candles Point to Turn Downward

NZDUSD: Candles Point to Turn Downward

2011-12-30 09:28:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

As we suspected, NZDUSD pushed higher after putting in a bullish Harami candlestick pattern above support at 0.7467, the October 4 low. The pair is now flirting with resistance at 0.7745, with candlestick positioning hinting that a reversal lower is ahead. With that in mind, an actionable entry signal is absent and we will remain on the sidelines for now.

NZDUSD_Candles_Point_to_Turn_Downward_body_Picture_5.png, NZDUSD: Candles Point to Turn Downward

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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