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NZDUSD: Keep an Eye on 0.6800
On October 27th, I wrote about how NZDUSD was likely to continue its rally above 0.6800. The reason I thought this likely had to do with what’s been occurring on the monthly chart. Notice the false break that occurred in March. As always, a false break to one side of a pattern usually triggers an extended move in the opposite direction. That’s exactly what we’re seeing from the New Zealand dollar. The pair is holding well above the top of that symmetrical triangle and has recently cleared the 0.6790 region. I’ll remain bullish as long as NZDUSD stays above 0.6790 on a daily closing basis. As I mentioned on ... (full story)