NZDUSD: Candles Point to Turn Downward
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.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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