Forex: NZD/USD Technical Analysis – Candle Setup Hints at Bounce

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Talking Points

  • Bullish Engulfing pattern formed at rising trend line support set from November 2011
  • Candle setup hints at gains. Initial resistance at seen at 0.7917 (23.6% Fib retracement)
  • Reversal below the trend line (now at 0.7721) exposes the June 24 swing low at 0.7682

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dailyclassics_nzd-usd_body_Picture_10.png, Forex: NZD/USD Technical Analysis – Candle Setup Hints at Bounce

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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