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NZDUSD: Waiting for Trend Bias to Develop

NZDUSD: Waiting for Trend Bias to Develop

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

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.”

NZDUSD_Waiting_for_Trend_Bias_to_Develop_body_Picture_5.png, NZDUSD: Waiting for Trend Bias to Develop

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.