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NZDUSD Reaches Second Target at 0.6850; Where to Next?
Exactly one month ago, I pointed out a rather bullish looking pattern on NZDUSD. The descending channel that formed between June and October offered a strong hint that a trend change was around the corner. A channel like this following a strong move lower often acts just like a falling wedge. This time was no different. It was the daily close back above 0.6520 on October 15th that prompted me to write the commentary on the 16th. Two weeks later, buyers got the job done with a daily close above descending channel resistance. That breakout had us watching for buying opportunities near 0.6610. Sellers didn’t quite ... (full story)