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NZDUSD: Looking for Short Entry Opportunity

NZDUSD: Looking for Short Entry Opportunity

Ilya Spivak, Head Strategist, APAC

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.

NZDUSD_Looking_for_Short_Entry_Opportunity_body_Picture_5.png, NZDUSD: Looking for Short Entry Opportunity

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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