NZDUSD: Waiting for Trend Bias to Develop
Positioning is unchanged from what we observed last week: “NZDUSD continues to oscillate in a narrow range below support-turned-resistance at 0.8262 and the 38.2% Fibonacci retracement at 0.8084. Current positioning does not offer a compelling trading opportunity and we will wait for the pair to resolve its directional bias from the sidelines for the time being.”
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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