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NZD/USD Capped by Former Channel Line

NZD/USD Capped by Former Channel Line

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I’m always on the lookout for former supports (whether horizontal or slope) to provide resistance and vice versa. Basically, be aware of potential for at least a pause in the move higher from nearby given the presence of the former channel line, which as support throughout August and September 2016.

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