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NZDUSD: Chart Setup Warns of  Reversal

NZDUSD: Chart Setup Warns of Reversal

2012-02-03 06:09:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Short

NZDUSD put in a Shooting Star candle below resistance at 0.8374, a level that has acted as a significant barrier for price action since July. Negative RSI divergence reinforces the case for a downside scenario. However, the Shooting Star is a relatively weak signal by itself and needs confirmation before being considered actionable, so we will stand aside for now. Near-term support lines up at 0.8241.

NZDUSD_Chart_Setup_Warns_of__Reversal_body_Picture_5.png, NZDUSD: Chart Setup Warns of  Reversal

--- 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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