NZD/USD Classical 07.16
NZD/USD: Although rallies have extended back towards the multi-week range highs at 0.7320, we do not expect the strength to continue and instead favor the prospects for a bearish reversal. Daily studies are starting to look a little stretched and we will look to recommend establishing fresh short positions should the market manage to reverse and close back below 0.7175 . We will also look to fade any rallies beyond 0.7320.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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