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NZDUSD: Bulls Break Multi-Month Resistance

Ilya Spivak

Strategy: Flat


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.


NZDUSD_Bulls_Break_Multi-Month_Resistance_body_Picture_5.png, NZDUSD: Bulls Break Multi-Month Resistance

Daily Chart - Created Using FXCM Marketscope 2.0



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


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