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Forex Strategy - NZD/USD Shrugs Off Reversal Signal to Climb Higher

Forex Strategy - NZD/USD Shrugs Off Reversal Signal to Climb Higher

David de Ferranti, Currency Analyst

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Talking Points

  • NZD/USD Technical Strategy: Longs remain preferred
  • Upside breakout eyes previous highs near 0.8545
  • Absence of bearish reversal signal suggests extended gains

The Kiwi bulls have taken charge following NZD/USD’s break above prior range-top resistance near 0.8400. The pair has seemingly shrugged off earlier bearish reversal signals and suggests some caution is needed in interpreting the most recent Shooting Star formation that has been posted on the daily. Against the backdrop of a prevailing uptrend (signaled by the 20 SMA), it is still too early to suggest a meaningful correction for the New Zealand Dollar leaving a continued preference to the upside.

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Forex_Strategy_-_NZDUSD_Shrugs_Off_Reversal_Signal_to_Climb_Higher_body_Picture_1.png, Forex Strategy - NZD/USD Shrugs Off Reversal Signal to Climb Higher

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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