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  • $Silver trying for breakout, as well. BIG zone of resistance ahead, around the 30 handle. Already held two spikes (august, february). If bulls can eventually break through, could be some room to run (chart 2) $SLV $XAG https://t.co/QZHOsqJMno
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  • a lot of talk about Burry's short on tsla. I'm more intrigued by the bet on inflation. the tsla trade seems to be getting all of the attention Burry was very early on subprime and also pretty early (but ahead of most of the crowd) on $GME. But, his analysis on both was on point
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  • $EURUSD finally took out that Fibo resistance 2167, now fresh two month highs. Another fibo nearby, very close to the feb swing high ~2335 concern for continuation is overbought read on h4. but - pullback to support at prior res can keep bulls looking up https://t.co/dh9owX9gAB https://t.co/urrCt77AB8
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NZD/USD Bounce May Continue Post Morning Star Formation

NZD/USD Bounce May Continue Post Morning Star Formation

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Morning Star formation leads recovery in prices
  • Break of resistance at 0.8600 opens further gains

The Kiwi has broken above critical resistance at 0.8600 in recent trading with the pair forming a Morning Star pattern. While admittedly a little lopsided, the bullish candlestick formation suggests an extended recovery for the pair. A push above nearby resistance at 0.8635 would open an advance on the 2014 highs near 0.8740.

NZD/USD: Recovery May Continue As Morning Star Forms

NZD/USD Bounce May Continue Post Morning Star Formation

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; traders have looked past the Hanging Mancandlestick pattern following a bounce off support at 0.8550. With a reversal signal lacking in intraday trade, the pair may be set to extend its recovery to 0.8645.

NZD/USD: Bounces Off Support At 0.8550

NZD/USD Bounce May Continue Post Morning Star Formation

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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