NZDUSD: Candlestick Setup Hints at Bounce
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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