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NZDUSD: False Breakout on Trend Line Breach?

NZDUSD: False Breakout on Trend Line Breach?

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

NZDUSD narrowly broke below major rising trend line support set from mid-May 2010 but a Piercing Line candlestick pattern coupled with positive RSI divergence in highly oversold territory warns that a pull-up may materialize before further selling. We will stand aside for now and let the move higher materialize to look for selling opportunities. Initial resistance lines up at 0.7660, the 23.6% Fibonacci retracement.

NZDUSD_False_Breakout_on_Trend_Line_Breach_body_Picture_5.png, NZDUSD: False Breakout on Trend Line Breach?

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

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

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