NZDUSD: Confirmation Sought for Short
Strategy: Pending Short
NZDUSD found support at 0.8084,the 38.2%Fibonacci retracement, and bounced to retest the 0.8232-0.8241 area marked by the 23.6% Fib and October 28 swing high. A bearish Three Outside Down candlestick pattern below the 0.84 figure coupled with negative RSI divergence argue for a broadly bearish bias. We will look for confirmation that the upward bounce has been exhausted to enter short.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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