NZDUSD: Major Trend Line Remains in Focus
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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