NZDUSD followed a bullish Piercing Line candlestick pattern with a break above falling trend line resistance set from late February. The bulls now stand to challenge support-turned-resistance in the 0.8060-90 area. Risk/reward considerations argue against entering a trade at current levels and we will stand aside until something more compelling presents itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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