Strategy: Pending Short
NZDUSD is approaching support at 0.7836, the 23.6% Fibonacci retracement, after finding resistance at 0.8060. Negative RSI divergence hints a near-term top may be in the works. Risk/reward considerations argue against entering short with prices so close to support however and we will remain on the sidelines for now until something more compelling presents itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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