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NZDUSD: Major Trend Line Remains in Focus

NZDUSD: Major Trend Line Remains in Focus

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

NZDUSD put in a bullish Three Inside Up candlestick pattern above resistance-turned-support at 0.8047, hinting an upswing may be ahead. Initial resistance lines up at 0.8170, a major falling trend line set from the August 2011 swing high. Alternatively, a reversal below support exposes the 0.80 figure and 0.7839. Risk/reward considerations argue against entering a trade at current levels and we will remain on the sidelines until something more compelling presents itself.

NZDUSD_Major_Trend_Line_Remains_in_Focus_body_Picture_5.png, NZDUSD: Major Trend Line Remains in Focus

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

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