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NZDUSD Tests Confluence of Resistance at 0.6200
I first mentioned the 0.6200 resistance area on NZDUSD on April 7th. It’s the intersection of a key horizontal level and a previous multi-year trend line from the 2000 lows. That trend line broke down with the March selloff, as did the 0.6200 horizontal level. It has taken NZDUSD over two months to climb back to 0.6200 after reaching a low of 0.5468 on March 19th. Just keep in mind that this may not be the top. NZDUSD has been a difficult pair to trade of late, primarily due to its reliance on risk assets, which have been propped up by central banks. The lack of direction from the US dollar isn’t helping matters, ... (full story)