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NZDUSD: Actionable Trade Setup Still Pending

NZDUSD: Actionable Trade Setup Still Pending

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

NZDUSD is testing support at 0.7920, the 50% Fibonacci retracement, with a break lower exposing the 61.8% level at 0.7790 while a bounce sees resistance at 0.8050 marked by the 38.2% Fib. Current positioning does not offer a compelling trading opportunity with prices squarely at support but as yet not yielding firm signs of a bounce. As such, we will stand aside until something actionable presents itself.

NZDUSD_Actionable_Trade_Setup_Still_Pending_body_Picture_5.png, NZDUSD: Actionable Trade Setup Still Pending

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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