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NZDUSD: Candlestick Setup Hints at Bounce

NZDUSD: Candlestick Setup Hints at Bounce

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

NZDUSD is consolidating above support at 0.7460, the December 15 swing low, with a Piercing Line candlestick pattern hinting a bounce may be brewing. Positive RSI divergence reinforces the case for an upside scenario. We will stand aside for now, looking for an upswing to yield a selling opportunity. Initial resistance lines up at 0.7660, the 23.6% Fibonacci retracement.

NZDUSD_Candlestick_Setup_Hints_at_Bounce_body_Picture_5.png, NZDUSD: Candlestick Setup Hints at Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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